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<SEC-DOCUMENT>0001104659-06-049840.txt : 20060731
<SEC-HEADER>0001104659-06-049840.hdr.sgml : 20060731
<ACCEPTANCE-DATETIME>20060731131459
ACCESSION NUMBER:		0001104659-06-049840
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20060531
FILED AS OF DATE:		20060731
DATE AS OF CHANGE:		20060731
EFFECTIVENESS DATE:		20060731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001074692
		IRS NUMBER:				046880057

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09157
		FILM NUMBER:		06990346

	BUSINESS ADDRESS:	
		STREET 1:		THE EATON VANCE BUILDING
		STREET 2:		255 STATE STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-598-8880

	MAIL ADDRESS:	
		STREET 1:		THE EATON VANCE BUILDING
		STREET 2:		255 STATE STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a06-14447_2ncsrs.htm
<DESCRIPTION>CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNITED
STATES</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES
AND EXCHANGE COMMISSION</font></p>

<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM N-CSR</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFIED
SHAREHOLDER REPORT OF REGISTERED<br>
MANAGEMENT INVESTMENT COMPANIES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="29%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act file number</font></p>
  </td>
  <td width="70%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811- 09157</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance California Municipal Income
  Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as
  specified in charter)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Eaton Vance Building, 255 State Street,
  Boston, Massachusetts</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">02109</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" colspan="7" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive
  offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alan R. Dynner<br>
  The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and address of agent for
  service)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="39%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:39.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including
  area code:</font></p>
  </td>
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(617) 482-8260</font></p>
  </td>
  <td width="37%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>
  </td>
  <td width="18%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 30</font></p>
  </td>
  <td width="62%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 31, 2006</font></p>
  </td>
  <td width="62%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="137" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="72" style="border:none;"></td>
  <td width="59" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="171" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="239" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1. Reports to Stockholders</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p><img src="j06144471_aaduo001.jpg"></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">Semiannual Report May 31, 2006</font></p>
<p><img src="j06144471_aaduo002.jpg"></p>
<p><img src="j06144471_aaduo003.jpg"></p>
<p><img src="j06144471_aaduo004.jpg"></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="4">EATON VANCE<BR>MUNICIPAL<BR>INCOME<BR>TRUSTS</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">CLOSED-END FUNDS:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">California</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Florida</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Massachusetts</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Michigan</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">New Jersey</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">New York</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Ohio</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Pennsylvania</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>IMPORTANT NOTICES REGARDING PRIVACY,<BR>DELIVERY OF SHAREHOLDER DOCUMENTS,<BR>PORTFOLIO HOLDINGS, AND PROXY VOTING</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Privacy.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy ("Privacy Policy") with respect to nonpublic personal information about its customers:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;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). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. </font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer's account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser's privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">For more information about Eaton Vance's Privacy Policy, please call 1-800-262-1122.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Delivery of Shareholder Documents.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The Securities and Exchange Commission (the "SEC") permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at<BR>1-800-262-1122, or contact your financial adviser.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Portfolio Holdings.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC's public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Proxy Voting.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC's website at www.sec.gov.</font></p>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance Municipal Income
Trusts as of May 31, 2006</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE OF CONTENTS</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment
  Update</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance
  Information and Portfolio Composition</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">California</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Florida</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Massachusetts</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michigan</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New Jersey</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ohio</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pennsylvania</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
  Statements</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend
  Reinvestment Plan</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board of Trustees&#146;
  Annual Approval of the Investment Advisory Agreements</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment
  Management</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance Municipal Income
Trusts as of May 31, 2006</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INVESTMENT
UPDATE</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance Municipal Income Trusts (the &#147;Trusts&#148;) are closed-end
Trusts, traded on the American Stock Exchange, which are designed to provide
current income exempt from regular federal income tax and state personal income
taxes. This income is earned by investing primarily in investment-grade
municipal securities.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Economic
and Market Conditions</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The economy expanded at a
5.3% pace in the first quarter of 2006, an increase from the 1.7% rate in the
fourth quarter of 2005. Even with a cooling housing market, the economy
generated respectable growth in 2005 and early 2006. Despite high energy
prices, rising mortgage rates and a persistent tightening by the Federal
Reserve (the &#147;Fed&#148;), the economy continued to create jobs and appeared to be
sustaining growth in both the manufacturing and service sectors, with moderate
signs of inflationary pressures.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At May 31, 2006, investor
sentiment regarding the Fed&#146;s monetary policy appeared to have stabilized in
recent months as investors began to anticipate the end of the Fed&#146;s series of
interest rate hikes (which began in June 2004). By the end of the period, the
Fed had raised rates at all of the last 16 Open Market Committee meetings, with
the Federal Funds rate standing at 5.00% on May 31, 2006.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boosted by
lower-than-anticipated long-term interest rates, the municipal market saw
record supply in 2005, more than $400 billion in new issuance. However, supply
has lagged thus far in 2006, contributing to municipal bond outperformance. At
May 31, 2006, long-term AAA-rated insured municipal bonds yielded 88% of U.S.
Treasury bonds with similar maturities.*</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the six months ended May
31, 2006, the Lehman Brothers Municipal Bond Index</font>&#134; (the
&#147;Index&#148;), a broad-based, unmanaged municipal market index, posted a modest gain
of 1.52%. For information about each Trust&#146;s performance and the performance of
funds in the same Lipper Classification&#134;, see the Performance Information
and Portfolio Composition pages that follow.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management
Discussion</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trusts invest primarily
in bonds with maturities of 10 years or longer, as longer-maturity bonds
historically have provided greater tax-exempt income for investors than
shorter-maturity bonds. Given the flattening of the yield curve for fixed-income
securities over the past 18 months &#151; with shorter-maturity yields rising more
than longer-maturity yields &#151; the long end of the municipal yield curve was a
relatively attractive place to be positioned. However, given the leveraged
nature of the Trusts, rising short-term rates have increased the borrowing costs
associated with the leverage. As borrowing costs have risen, the income
generated by the Trusts has declined. Please see the Performance Information
and Portfolio Composition pages that follow for a description of each Trust&#146;s
leverage as of May 31, 2006.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the six months ended
May 31, 2006, the Fed raised short-term interest rates at regular intervals,
and commodities prices rose significantly. However, the economy grew at a solid
pace, with moderate inflation. In this climate, management continued to
maintain a somewhat cautious outlook on interest rates and positioned the
Trusts&#146; durations accordingly. Duration measures a bond fund&#146;s sensitivity to
changes in interest rates.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management continued to
focus on finding relative value within the marketplace &#151; in issuer names,
coupons, maturities and sectors. Relative value trading, which seeks to
capitalize on undervalued securities, has enhanced the Trusts&#146; returns during
the period. Finally, management continued to monitor closely call protection in
the Trusts. Call protection remains an important strategic consideration for
municipal bond investors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160; Source: Bloomberg L.P. Yields are a
compilation of a representative variety of general obligations and are not necessarily
representative of a Trust&#146;s yield.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#134;&#160; </font>It is not possible to invest directly in an Index or Lipper
Classification. The Index&#146;s total return does not reflect expenses that would
have been incurred if an investor individually purchased or sold the securities
represented in the Index.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Past performance is no
guarantee of future results.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust shares 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.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The views
expressed throughout this report are those of the portfolio managers and are
current only through the end of the period of the report as stated on the
cover. These views are subject to change at any time based upon market or other
conditions, and the investment adviser disclaims any responsibility to update
such views. These views may not be relied on as investment advice and, because
investment decisions for a fund are based on many factors, may not be relied on
as an indication of trading intent on behalf of any Eaton Vance fund.</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance California
Municipal Income Trust as of May 31, 2006</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFORMANCE INFORMATION AND
PORTFOLIO COMPOSITION</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Performance as of 5/31/06(</font>1)</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns (by share price,
American Stock Exchange)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.32%;">
 <tr>
  <td width="79%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.95</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.65</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.27</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of
  Trust (1/29/99)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.29</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Average Annual Total Returns
(by net asset value) </font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.32%;">
 <tr>
  <td width="79%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.86</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.08</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.44</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of
  Trust (1/29/99)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.84</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(1) </font></i><i>Returns are historical and
are calculated by determining the percentage change in share price or net asset
value with all distributions reinvested. The Trust&#146;s performance at market
share price will differ from its results at NAV. Although share price performance
generally reflects investment results over time, during shorter periods, returns
at share price can also be affected by factors such as changing perceptions about
the Trust, market conditions, fluctuations in supply and demand for the Trust&#146;s
shares, or changes in Trust distributions. Performance results reflect the
effect of leverage resulting from the Trust&#146;s issuance of Auction Preferred
Shares.</i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Index Performance(</font>2)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lehman Brothers Municipal
Bond Index &#150; Average Annual Total Returns</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.3%;">
 <tr>
  <td width="83%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.52</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.89</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.27</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of
  Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.98</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Averages(</font>3)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper California Municipal
Debt Funds Classification &#150; Average Annual Total Returns</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.3%;">
 <tr>
  <td width="83%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.36</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.38</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.90</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of
  Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.54</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yields</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.3%;">
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yield(</font>4)</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.37</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxable Equivalent Market Yield(</font>5)</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.11</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font>6)</p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Past
performance is no guarantee of future results. Returns are historical and are
calculated by determining the percentage change in net asset value or share
price (as applicable) with all distributions reinvested. Investment return and
principal value will fluctuate so that shares, when sold, may be worth more or
less than their original cost. Trust performance during certain periods
reflects the strong bond market performance and/or the strong performance of
bonds held during those periods. This performance is not typical and may not be
repeated. Performance is for the stated time period only; due to market
volatility, the Trust&#146;s current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to
www.eatonvance.com.</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Manager: Cynthia
J. Clemson</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rating Distribution(</font>7), (8)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By total investments</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="219" height="231" src="g1444711bgi001.jpg"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Statistics(</font>8)</p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="65%" style="border-collapse:collapse;margin-left:.25in;width:65.0%;">
 <tr>
  <td width="68%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:68.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Number of Issues:</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.32%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">86</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Maturity:</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:20.32%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.8 </font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:68.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Effective Maturity:</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.32%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Rating:</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:20.32%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AA-</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:68.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Call:</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.32%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.4 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Dollar Price:</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92.21</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:68.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Leverage:*</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.32%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="335" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="81" style="border:none;"></td>
  <td width="39" style="border:none;"></td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">*&#160; The leverage amount
is a percentage of the Trust&#146;s total assets. The Trust uses leverage through
the issuance of preferred shares. Use of financial leverage creates an opportunity
for increased income, but, at the same time, creates special risks (including
the likelihood of greater volatility of net asset value and market price of
common shares).</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(2) </font></i><i>It is not possible to
invest directly in an Index. The Index&#146;s total return does not reflect the
expenses that would have been incurred if an investor individually purchased or
sold the securities represented in the Index. Index performance is available as
of month-end only. (</i><i>3) </i><i>The Lipper Averages are the average total returns, at net
asset value, of the funds that are in the same Lipper Classification as the
Trust. It is not possible to invest in a Lipper Classification. Lipper
Classifications may include insured and uninsured funds, as well as leveraged
and unleveraged funds. The Lipper California Municipal Debt Funds
Classification (closed-end) contained 25, 25, 16, and 14 funds for the 6-month,
1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages
are available as of month-end only. (</i><i>4) </i><i>The Trust&#146;s market yield is calculated by dividing the last
dividend paid per share of the semiannual period by the share price at the end
of the period and annualizing the result. (</i><i>5) </i><i>Taxable-equivalent figure
assumes a maximum 41.05% combined federal and state income tax rate. A lower
tax rate would result in a lower tax-equivalent figure. (</i><i>6) </i><i>The dividend declared on
May 31, 2006 reflects a reduction of the monthly dividend of $0.010833 per
share. (</i><i>7)
</i><i>As of
5/31/06. Rating Distribution is determined by dividing the total market value
of the issues by the total investments of the Trust. (</i><i>8) </i><i>As of 5/31/06. Trust
information may not be representative of the Trust&#146;s current or future
investments and may change due to active management.</i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance Florida
Municipal Income Trust as of May 31, 2006</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFORMANCE INFORMATION AND
PORTFOLIO COMPOSITION</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Performance as of
5/31/06(</font>1)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by share price, American Stock Exchange)</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-2.36</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-5.22</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.62</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.79</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by net asset value)</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.45</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.26</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.88</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.58</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(1) </font></i><i>Returns are historical and
are calculated by determining the percentage change in share price or net asset
value with all distributions reinvested. The Trust&#146;s performance at market
share price will differ from its results at NAV. Although share price performance
generally reflects investment results over time, during shorter periods, returns
at share price can also be affected by factors such as changing perceptions about
the Trust, market conditions, fluctuations in supply and demand for the Trust&#146;s
shares, or changes in Trust distributions. Performance results reflect the
effect of leverage resulting from the Trust&#146;s issuance of Auction Preferred
Shares.</i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Index Performance(</font>2)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lehman Brothers Municipal
Bond Index &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.52</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.89</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.27</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.98</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Averages(</font>3)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Florida Municipal Debt
Funds Classification &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.13</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.26</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.42</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.26</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yields</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yield(</font>4)</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.38</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxable Equivalent Market Yield(</font>5)</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.28</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Past
performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or share price (as applicable)
with all distributions reinvested. Investment return and principal value will fluctuate
so that shares, when sold, may be worth more or less than their original cost. Performance
is for the stated time period only; due to market volatility, the Trust&#146;s current
performance may be lower or higher than the quoted return. For performance as
of the most recent month end, please refer to www.eatonvance.com.</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Manager: Cynthia
J. Clemson</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rating Distribution(</font>6), (7)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By total investments</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="244" height="213" src="g1444711bgi002.jpg"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Statistics(</font>7)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="65%" style="border-collapse:collapse;margin-left:.25in;width:65.0%;">
 <tr>
  <td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Number of Issues:</p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">84</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Maturity:</p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.0</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Effective Maturity:</p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Rating:</p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AA</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Call:</p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Dollar Price:</p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">98.96</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Leverage:*</p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="318" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="103" style="border:none;"></td>
  <td width="39" style="border:none;"></td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">*&#160; The leverage amount
is a percentage of the Trust&#146;s total assets. The Trust uses leverage through
the issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special risks
(including the likelihood of greater volatility of net asset value and market price
of common shares).</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(2) </font></i><i>It is not possible to
invest directly in an Index. The Index&#146;s total return does not reflect the
expenses that would have been incurred if an investor individually purchased or
sold the securities represented in the Index. Index performance is available as
of month-end only. (</i><i>3) </i><i>The Lipper Averages are the average total returns, at net
asset value, of the funds that are in the same Lipper Classification as the
Trust. It is not possible to invest in a Lipper Classification. Lipper
Classifications may include insured and uninsured funds, as well as leveraged
and unleveraged funds. The Lipper Florida Municipal Debt Funds Classification
(closed-end) contained 17, 17, 11, and 11 funds for the 6-month, 1-year,
5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are
available as of month-end only. (</i><i>4) </i><i>The Trust&#146;s market yield is calculated by dividing the last
dividend paid per share of the semiannual period by the share price at the end
of the period and annualizing the result. (</i><i>5) </i><i>Taxable-equivalent figure
assumes a maximum 35.00% federal tax rate. A lower tax rate would result in a
lower tax-equivalent figure. (</i><i>6) </i><i>As of 5/31/06. Rating Distribution is determined by dividing
the total market value of the issues by the total investments of the Trust. (</i><i>7) </i><i>As of 5/31/06. Trust
information may not be representative of the Trust&#146;s current or future
investments and may change due to active management.</i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance Massachusetts Municipal Income
Trust as of May 31, 2006</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Performance as of
5/31/06(</font>1)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by share price, American Stock Exchange)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.48</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.07</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.69</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.60</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by net asset value)</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.29</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.48</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.45</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.48</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(1) </font></i><i>Returns are historical and
are calculated by determining the percentage change in share price or net asset
value with all distributions reinvested. The Trust&#146;s performance at market
share price will differ from its results at NAV. Although share price performance
generally reflects investment results over time, during shorter periods, returns
at share price can also be affected by factors such as changing perceptions about
the Trust, market conditions, fluctuations in supply and demand for the Trust&#146;s
shares, or changes in Trust distributions. Performance results reflect the
effect of leverage resulting from the Trust&#146;s issuance of Auction Preferred
Shares.</i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Index Performance(</font>2)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lehman Brothers Municipal
Bond Index &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.52</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.89</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.27</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.98</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Averages(</font>3)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Other States Municipal
Debt Funds Classification &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.91</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.74</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.13</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.69</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yields</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yield(</font>4)</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.09</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxable Equivalent Market Yield(</font>5)</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.27</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font>6)</p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Manager: Robert B.
MacIntosh, CFA</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rating Distribution(</font>7), (8)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By total investments</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="206" height="215" src="g1444711bgi003.jpg"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Statistics(</font>8)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="65%" style="border-collapse:collapse;margin-left:.25in;width:65.0%;">
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Number of Issues:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Maturity:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27.1 </font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Effective Maturity:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.7 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Rating:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AA-</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Call:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.0 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Dollar Price:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">104.39</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Leverage:*</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="311" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="109" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">*&#160; The leverage amount
is a percentage of the Trust&#146;s total assets. The Trust uses leverage through the
issuance of preferred shares. Use of financial leverage creates an opportunity
for increased income, but, at the same time, creates special risks (including
the likelihood of greater volatility of net asset value and market price of
common shares).</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(2) </font></i><i>It is not possible to
invest directly in an Index. The Index&#146;s total return does not reflect the
expenses that would have been incurred if an investor individually purchased or
sold the securities represented in the Index. Index performance is available as
of month-end only. (</i><i>3) </i><i>The Lipper Averages are the average total returns, at net
asset value, of the funds that are in the same Lipper Classification as the
Trust. It is not possible to invest in a Lipper Classification. Lipper
Classifications may include insured and uninsured funds, as well as leveraged
and unleveraged funds. The Lipper Other States Municipal Debt Funds
Classification (closed-end) contained 46, 46, 27, and 20 funds for the 6-month,
1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages
are available as of month-end only. (</i><i>4) </i><i>The Trust&#146;s market yield is calculated by dividing the last
dividend paid per share of the semiannual period by the share price at the end
of the period and annualizing the result. (</i><i>5) </i><i>Taxable-equivalent figure
assumes a maximum 38.45% combined federal and state income tax rate. A lower
tax rate would result in a lower tax-equivalent figure. (</i><i>6) </i><i>The dividend declared on
May 31, 2006 reflects a reduction of the monthly dividend of $0.0125 per share.
(</i><i>7) </i><i>As of 5/31/06. Rating
Distribution is determined by dividing the total market value of the issues by
the total investments of the Trust. (</i><i>8) </i><i>As of 5/31/06. Trust information may not be representative
of the Trust&#146;s current or future investments and may change due to active
management.</i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance Michigan
Municipal Income Trust as of May 31, 2006</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFORMANCE INFORMATION AND
PORTFOLIO COMPOSITION</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Performance as of
5/31/06(</font>1)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by share price, American Stock Exchange)</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.65</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-9.89</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.29</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.85</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by net asset value)</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.66</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.80</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.01</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.05</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(1) </font></i><i>Returns are historical and
are calculated by determining the percentage change in share price or net asset
value with all distributions reinvested. The Trust&#146;s performance at market
share price will differ from its results at NAV. Although share price performance
generally reflects investment results over time, during shorter periods, returns
at share price can also be affected by factors such as changing perceptions about
the Trust, market conditions, fluctuations in supply and demand for the Trust&#146;s
shares, or changes in Trust distributions. Performance results reflect the
effect of leverage resulting from the Trust&#146;s issuance of Auction Preferred
Shares.</i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Index Performance(</font>2)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lehman Brothers Municipal
Bond Index &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.52</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.89</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.27</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.98</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Averages(</font>3)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Michigan Municipal
Debt Funds Classification &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.90</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.40</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.75</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.57</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yields</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yield(</font>4)</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.10</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxable Equivalent Market Yield(</font>5)</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.17</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Past
performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or share price (as applicable)
with all distributions reinvested. Investment return and principal value will fluctuate
so that shares, when sold, may be worth more or less than their original cost. Performance
is for the stated time period only; due to market volatility, the Trust&#146;s current
performance may be lower or higher than the quoted return. For performance as
of the most recent month end, please refer to www.eatonvance.com.</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Manager: William
H. Ahern, CFA</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rating Distribution(</font>6), (7)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By total investments</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="215" height="226" src="g1444711bgi004.jpg"></font></p>

<p style="margin:0in 0in .0001pt;page-break-before:always;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Statistics(</font>7)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="65%" style="border-collapse:collapse;margin-left:.25in;width:65.0%;">
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Number of Issues:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Maturity:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.1 </font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Effective Maturity:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Rating:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AA</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Call:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.8 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Dollar Price:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.21</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Leverage:*</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="311" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="109" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">*&#160; The leverage amount
is a percentage of the Trust&#146;s total assets. The Trust uses leverage through
the issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special risks
(including the likelihood of greater volatility of net asset value and market price
of common shares).</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(2) </font></i><i>It is not possible to
invest directly in an Index. The Index&#146;s total return does not reflect the
expenses that would have been incurred if an investor individually purchased or
sold the securities represented in the Index. Index performance is available as
of month-end only. (</i><i>3) </i><i>The Lipper Averages are the average total returns, at net
asset value, of the funds that are in the same Lipper Classification as the
Trust. It is not possible to invest in a Lipper Classification. Lipper
Classifications may include insured and uninsured funds, as well as leveraged
and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification
(closed-end) contained 7, 7, 5, and 5 funds for the 6-month, 1-year, 5-year,
and Life-Of-Trust time periods, respectively. Lipper Averages are available as
of month-end only. (</i><i>4) </i><i>The Trust&#146;s market yield is calculated by dividing the last
dividend paid per share of the semiannual period by the share price at the end
of the period and annualizing the result. (</i><i>5) </i><i>Taxable-equivalent figure
assumes a maximum 37.54% combined federal and state income tax rate. A lower
tax rate would result in a lower tax-equivalent figure. (</i><i>6) </i><i>As of 5/31/06. Rating
Distribution is determined by dividing the total market value of the issues by
the total investments of the Trust. (</i><i>7) </i><i>As of 5/31/06. Trust information may not be representative
of the Trust&#146;s current or future investments and may change due to active
management.</i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance New Jersey
Municipal Income Trust as of May 31, 2006</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFORMANCE INFORMATION AND
PORTFOLIO COMPOSITION</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Performance as of 5/31/06(</font>1)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by share price, American Stock Exchange)</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.46</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.73</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.40</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.48</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by net asset value)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.46</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.07</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.13</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.52</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(1) </font></i><i>Returns are historical and
are calculated by determining the percentage change in share price or net asset
value with all distributions reinvested. The Trust&#146;s performance at market
share price will differ from its results at NAV. Although share price performance
generally reflects investment results over time, during shorter periods, returns
at share price can also be affected by factors such as changing perceptions about
the Trust, market conditions, fluctuations in supply and demand for the Trust&#146;s
shares, or changes in Trust distributions. Performance results reflect the
effect of leverage resulting from the Trust&#146;s issuance of Auction Preferred
Shares.</i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Index Performance(</font>2)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lehman Brothers Municipal
Bond Index &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.52</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.89</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.27</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.98</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Averages(</font>3)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper New Jersey Municipal
Debt Funds Classification &#150; Average Annual Total Returns</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.37</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.43</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.94</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.61</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yields</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yield(</font>4)</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.13</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxable Equivalent Market Yield(</font>5)</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.67</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font>6)</p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Past
performance is no guarantee of future results. Returns are historical and are
calculated by determining the percentage change in net asset value or share
price (as applicable) with all distributions reinvested. Investment return and
principal value will fluctuate so that shares, when sold, may be worth more or
less than their original cost. Trust performance during certain periods
reflects the strong bond market performance and/or the strong performance of
bonds held during those periods. This performance is not typical and may not be
repeated. Performance is for the stated time period only; due to market
volatility, the Trust&#146;s current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to
www.eatonvance.com.</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Manager: Robert B.
MacIntosh, CFA</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rating Distribution(</font>7), (8)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By total investments</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="211" height="234" src="g1444711bgi005.jpg"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Statistics(</font>8)</p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="65%" style="border-collapse:collapse;margin-left:.25in;width:65.0%;">
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Number of Issues:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Maturity:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.9 </font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Effective Maturity:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.4 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Rating:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A+</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Call:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Dollar Price:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91.33</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Leverage:*</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="311" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="109" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">*&#160; The leverage amount
is a percentage of the Trust&#146;s total assets. The Trust uses leverage through
the issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special risks
(including the likelihood of greater volatility of net asset value and market price
of common shares).</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(2) </font></i><i>It is not possible to
invest directly in an Index. The Index&#146;s total return does not reflect the
expenses that would have been incurred if an investor individually purchased or
sold the securities represented in the Index. Index performance is available as
of month-end only. (</i><i>3) </i><i>The Lipper Averages are the average total returns, at net
asset value, of the funds that are in the same Lipper Classification as the Trust.
It is not possible to invest in a Lipper Classification. Lipper Classifications
may include insured and uninsured funds, as well as leveraged and unleveraged
funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end)
contained 13, 13, 9, and 8 funds for the 6-month, 1-year, 5-year, and
Life-Of-Trust time periods, respectively. Lipper Averages are available as of
month-end only. (</i><i>4) </i><i>The Trust&#146;s market yield is calculated by dividing the last
dividend paid per share of the semiannual period by the share price at the end
of the period and annualizing the result. (</i><i>5) </i><i>Taxable-equivalent figure
assumes a maximum 40.83% combined federal and state income tax rate. A lower
tax rate would result in a lower tax-equivalent figure. (</i><i>6) </i><i>The dividend declared on
May 31, 2006 reflects a reduction of the monthly dividend of $0.008333 per
share. (</i><i>7)
</i><i>As of
5/31/06. Rating Distribution is determined by dividing the total market value
of the issues by the total investments of the Trust. (</i><i>8) </i><i>As of 5/31/06. Trust
information may not be representative of the Trust&#146;s current or future
investments and may change due to active management.</i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance New York
Municipal Income Trust as of May 31, 2006</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFORMANCE INFORMATION AND
PORTFOLIO COMPOSITION</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Performance as of
5/31/06(</font>1)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by share price, American Stock Exchange)</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.20</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.56</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.17</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.57</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by net asset value)</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.09</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.47</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.34</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.05</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(1) </font></i><i>Returns are historical and
are calculated by determining the percentage change in share price or net asset
value with all distributions reinvested. The Trust&#146;s performance at market
share price will differ from its results at NAV. Although share price performance
generally reflects investment results over time, during shorter periods, returns
at share price can also be affected by factors such as changing perceptions about
the Trust, market conditions, fluctuations in supply and demand for the Trust&#146;s
shares, or changes in Trust distributions. Performance results reflect the
effect of leverage resulting from the Trust&#146;s issuance of Auction Preferred
Shares.</i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Index Performance(</font>2)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lehman Brothers Municipal
Bond Index &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.52</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.89</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.27</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.98</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Averages(</font>3)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper New York Municipal
Debt Funds Classification &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.72</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.50</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.59</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.48</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yields</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yield(</font>4)</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.39</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxable Equivalent Market Yield(</font>5)</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.98</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Past
performance is no guarantee of future results. Returns are historical and are
calculated by determining the percentage change in net asset value or share
price (as applicable) with all distributions reinvested. Investment return and
principal value will fluctuate so that shares, when sold, may be worth more or
less than their original cost. Trust performance during certain periods
reflects the strong bond market performance and/or the strong performance of
bonds held during those periods. This performance is not typical and may not be
repeated. Performance is for the stated time period only; due to market
volatility, the Trust&#146;s current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to
www.eatonvance.com.</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Manager: Craig R.
Brandon, CFA</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rating Distribution(</font>7), (8)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By total investments</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="230" height="233" src="g1444711bgi006.jpg"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Statistics(</font>8)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="65%" style="border-collapse:collapse;margin-left:.25in;width:65.0%;">
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Number of Issues:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">74</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Maturity:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.3 </font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Effective Maturity:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Rating:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A+</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Call:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.8 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Dollar Price:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.39</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Leverage:*</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="311" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="109" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">*&#160; The leverage amount
is a percentage of the Trust&#146;s total assets. The Trust uses leverage through
the issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special risks
(including the likelihood of greater volatility of net asset value and market price
of common shares).</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(2) </font></i><i>It is not possible to
invest directly in an Index. The Index&#146;s total return does not reflect the
expenses that would have been incurred if an investor individually purchased or
sold the securities represented in the Index. Index performance is available as
of month-end only. (</i><i>3) </i><i>The Lipper Averages are the average total returns, at net
asset value, of the funds that are in the same Lipper Classification as the Trust.
It is not possible to invest in a Lipper Classification. Lipper Classifications
may include insured and uninsured funds, as well as leveraged and unleveraged
funds. The Lipper New York Municipal Debt Funds Classification (closed-end)
contained 18, 18, 10, and 8 funds for the 6-month 1-year, 5-year, and
Life-Of-Trust time periods, respectively. Lipper Averages are available as of
month-end only. (</i><i>4) </i><i>The Trust&#146;s market yield is calculated by dividing the last
dividend paid per share of the semiannual period by the share price at the end
of the period and annualizing the result. (</i><i>5) </i><i>Taxable-equivalent figure
assumes a maximum 40.01% combined federal and state income tax rate. A lower
tax rate would result in a lower tax-equivalent figure. (</i><i>6) </i><i>The dividend declared on
May 31, 2006 reflects a reduction of the monthly dividend of $0.0075 per share.
(</i><i>7) </i><i>As of 5/31/06. Rating
Distribution is determined by dividing the total market value of the issues by
the total investments of the Trust. (</i><i>8) </i><i>As of 5/31/06. Trust information may not be representative
of the Trust&#146;s current or future investments and may change due to active
management.</i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance Ohio Municipal
Income Trust as of May 31, 2006</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFORMANCE INFORMATION AND
PORTFOLIO COMPOSITION</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Performance as of
5/31/06(</font>1)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by share price, American Stock Exchange)</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.57</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.79</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.47</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.62</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by net asset value)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.06</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.55</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.90</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.29</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(1) </font></i><i>Returns are historical and
are calculated by determining the percentage change in share price or net asset
value with all distributions reinvested. The Trust&#146;s performance at market
share price will differ from its results at NAV. Although share price performance
generally reflects investment results over time, during shorter periods, returns
at share price can also be affected by factors such as changing perceptions about
the Trust, market conditions, fluctuations in supply and demand for the Trust&#146;s
shares, or changes in Trust distributions. Performance results reflect the
effect of leverage resulting from the Trust&#146;s issuance of Auction Preferred
Shares.</i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Index Performance(</font>2)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lehman Brothers Municipal
Bond Index &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.52%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.52</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.52%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.89</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.52%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.27</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.52%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.98</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Averages(</font>3)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Other States Municipal
Debt Funds Classification &#150; Average Annual Total Returns</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.91</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.74</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.13</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.69</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yields</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yield(</font>4)</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.99</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxable Equivalent Market Yield(</font>5)</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.24</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Past
performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or share price (as applicable)
with all distributions reinvested. Investment return and principal value will fluctuate
so that shares, when sold, may be worth more or less than their original cost. Performance
is for the stated time period only; due to market volatility, the Trust&#146;s current
performance may be lower or higher than the quoted return. For performance as
of the most recent month end, please refer to www.eatonvance.com.</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Manager: William
H. Ahern, CFA</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rating Distribution(</font>7), (8)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By total investments</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="235" height="236" src="g1444711bgi007.jpg"></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Statistics(</font>8)</p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="65%" style="border-collapse:collapse;margin-left:.25in;width:65.0%;">
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Number of Issues:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Maturity:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.3 </font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Effective Maturity:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Rating:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AA</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Call:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4 </font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Dollar Price:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.82</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Leverage:*</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="311" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="109" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">*&#160; The leverage amount
is a percentage of the Trust&#146;s total assets. The Trust uses leverage through
the issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special risks
(including the likelihood of greater volatility of net asset value and market price
of common shares).</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(2) </font></i><i>It is not possible to
invest directly in an Index. The Index&#146;s total return does not reflect the
expenses that would have been incurred if an investor individually purchased or
sold the securities represented in the Index. Index performance is available as
of month-end only. (</i><i>3) </i><i>The Lipper Averages are the average total returns, at net
asset value, of the funds that are in the same Lipper Classification as the
Trust. It is not possible to invest in a Lipper Classification. Lipper
Classifications may include insured and uninsured funds, as well as leveraged
and unleveraged funds. The Lipper Other States Municipal Debt Funds
Classification (closed-end) contained 46, 46, 27, and 20 funds for the 6-month,
1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages
are available as of month-end only. (</i><i>4) </i><i>The Trust&#146;s market yield is calculated by dividing the last
dividend paid per share of the semiannual period by the share price at the end
of the period and annualizing the result. (</i><i>5) </i><i>Taxable-equivalent figure
assumes a maximum 39.47% combined federal and state income tax rate. A lower
tax rate would result in a lower tax-equivalent figure. (</i><i>6) </i><i>The dividend declared on
May 31, 2006 reflects a reduction of the monthly dividend of $0.0025 per share.
(</i><i>7) </i><i>As of 5/31/06. Rating
Distribution is determined by dividing the total market value of the issues by
the total investments of the Trust. (</i><i>8) </i><i>As of 5/31/06. Trust information may not be representative
of the Trust&#146;s current or future investments and may change due to active
management.</i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance Pennsylvania
Municipal Income Trust as of May 31, 2006</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFORMANCE INFORMATION AND
PORTFOLIO COMPOSITION</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Performance as of
5/31/06(</font>1)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by share price, American Stock Exchange)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.12</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-1.97</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.92</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.67</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Returns
(by net asset value)</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.14</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.57</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.46</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/29/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.16</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(1) </font></i><i>Returns are historical and
are calculated by determining the percentage change in share price or net asset
value with all distributions reinvested. The Trust&#146;s performance at market
share price will differ from its results at NAV. Although share price performance
generally reflects investment results over time, during shorter periods, returns
at share price can also be affected by factors such as changing perceptions about
the Trust, market conditions, fluctuations in supply and demand for the Trust&#146;s
shares, or changes in Trust distributions. Performance results reflect the
effect of leverage resulting from the Trust&#146;s issuance of Auction Preferred
Shares.</i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Index Performance(</font>2)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lehman Brothers Municipal
Bond Index &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.52</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.89</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.27</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.98</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Averages(</font>3)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lipper Pennsylvania Municipal
Debt Funds Classification &#150; Average Annual Total Returns</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Six Months</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.98</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.12</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.27</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Life of Trust (1/31/99)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.78</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yields</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Yield(</font>4)</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.19</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxable Equivalent Market Yield(</font>5)</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.24</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Past
performance is no guarantee of future results. Returns are historical and are
calculated by determining the percentage change in net asset value or share
price (as applicable) with all distributions reinvested. Investment return and
principal value will fluctuate so that shares, when sold, may be worth more or
less than their original cost. Trust performance during certain periods
reflects the strong bond market performance and/or the strong performance of
bonds held during those periods. This performance is not typical and may not be
repeated. Performance is for the stated time period only; due to market
volatility, the Trust&#146;s current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to
www.eatonvance.com.</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Manager: Thomas M.
Metzold, CFA</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rating Distribution(</font>7), (8)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By total investments</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="233" height="225" src="g1444711bgi008.jpg"></font></p>

<p style="margin:0in 0in .0001pt;page-break-before:always;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Statistics(</font>8)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="65%" style="border-collapse:collapse;margin-left:.25in;width:65.0%;">
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Number of Issues:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Maturity:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.8</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Effective Maturity:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Rating:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AA</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Call:</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;years</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Average Dollar Price:</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.92</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>
  Leverage:*</p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="311" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="109" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">*&#160; The leverage amount
is a percentage of the Trust&#146;s total assets. The Trust uses leverage through
the issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special risks
(including the likelihood of greater volatility of net asset value and market price
of common shares).</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(2) </font></i><i>It is not possible to
invest directly in an Index. The Index&#146;s total return does not reflect the
expenses that would have been incurred if an investor individually purchased or
sold the securities represented in the Index. Index performance is available as
of month-end only. (</i><i>3) </i><i>The Lipper Averages are the average total returns, at net
asset value, of the funds that are in the same Lipper Classification as the
Trust. It is not possible to invest in a Lipper Classification. Lipper
Classifications may include insured and uninsured funds, as well as leveraged
and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds
Classification (closed-end) contained 9, 9, 7, and 5 funds for the 6-month,
1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages
are available as of month-end only. (</i><i>4) </i><i>The Trust&#146;s market yield is calculated by dividing the last
dividend paid per share of the semiannual period by the share price at the end
of the period and annualizing the result. (</i><i>5) </i><i>Taxable-equivalent figure
assumes a maximum 37.00% combined federal and state income tax rate. A lower
tax rate would result in a lower tax-equivalent figure. (</i><i>6) </i><i>The dividend declared on
May 31, 2006 reflects a reduction of the monthly dividend of $0.005 per share. (</i><i>7) </i><i>As of 5/31/06. Rating
Distribution is determined by dividing the total market value of the issues by
the total investments of the Trust. (</i><i>8) </i><i>As of 5/31/06. Trust information may not be representative
of the Trust&#146;s current or future investments and may change due to active
management.</i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<!-- Document name: 06-14447-1.ca-->
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance California Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Tax-Exempt Investments &#151; 153.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Education &#151; 11.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Educational Facilities Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Dominican University), 5.75%, 12/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,033,760</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,770</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Educational Facilities Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Lutheran University), 5.00%, 10/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,797,451</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Educational Facilities Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Pepperdine University), 5.00%, 11/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">510,195</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,850</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Educational Facilities Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Santa Clara University), 5.00%, 9/1/23</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,972,655</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Educational Facilities Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Stanford University), 5.125%, 1/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,061,640</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">San Diego County, Certificates of Participation,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(University of San Diego), 5.375%, 10/1/41</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,569,475</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,945,176</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Electric Utilities &#151; 2.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chula Vista, (AMT), 5.00%, 12/1/27</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,525,300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,525,300</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Escrowed / Prerefunded &#151; 1.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,590</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Tahoe Forest Hospital District,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 7/1/09, 5.85%, 7/1/22</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,713,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">410</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Tahoe Forest Hospital District,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 7/1/09, 5.85%, 7/1/22</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">432,353</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,146,103</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">General Obligations &#151; 4.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California, 5.25%, 4/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,139,281</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California, 5.50%, 11/1/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,783,780</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,923,061</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital &#151; 24.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Health Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Cedars-Sinai Medical Center), 5.00%, 11/15/34</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,239,606</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Infrastructure and Economic Development,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Kaiser Hospital), 5.50%, 8/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">779,625</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,900</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Statewide Communities Development Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Huntington Memorial Hospital), 5.00%, 7/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,955,076</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Statewide Communities Development Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(John Muir Health), 5.00%, 8/15/36<sup>(1)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,772,207</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Statewide Communities Development Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Kaiser Permanente), 5.00%, 3/1/41<sup>(1)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">602,712</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Statewide Communities Development Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Kaiser Permanente), 5.25%, 3/1/45<sup>(1)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">821,752</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital (continued)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,650</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Statewide Communities Development Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Kaiser Permanente), 5.50%, 11/1/32</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,708,558</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Statewide Communities Development Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Sonoma County Indian Health), 6.40%, 9/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,824,602</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Statewide Communities Development Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Sutter Health), 5.50%, 8/15/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,565,385</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Duarte, COP, (City of Hope), 5.25%, 4/1/24<sup>(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,528,260</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Stockton Health Facilities Authority, (Dameron Hospital),<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.70</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/14</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,035,770</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Torrance Hospital, (Torrance Memorial Medical Center),<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,073,820</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Turlock, (Emanuel Medical Center, Inc.),<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.375%,10/15/34</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,045,460</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Washington Township, Health Care District,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,041,440</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26,994,273</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Housing &#151; 3.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Housing Finance Agency, (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.85</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 8/1/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500,400</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">758</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Commerce, (Hermitage III Senior Apartments),<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">798,984</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">434</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Commerce, (Hermitage III Senior Apartments),<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.85</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">452,045</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,751,429</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Industrial Development Revenue &#151; 1.2%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Pollution Control Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Mobil Oil Corp.), (AMT), 5.50%, 12/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,284,487</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,284,487</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Education &#151; 8.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,510</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Educational Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Loyola Marymount University), (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,692,405</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,270</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Educational Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Pooled College and University), (MBIA), 5.10%, 4/1/23</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,397,170</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California State University, (AMBAC), 5.00%, 11/1/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,070,080</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California State University, (FGIC), 4.75%, 5/15/37</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,495,140</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,654,795</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Electric Utilities &#151; 13.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Pollution Control Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Southern California Edison Co.), (MBIA), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.55</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,423,842</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=3,FOLIO='11',FILE='06-14447-1.ca',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance California Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Electric Utilities (continued)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Pollution Control Financing Authority, PCR, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Pacific Gas and Electric), (MBIA), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.35</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/16</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,640,975</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,625</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Los Angeles Department of Water and Power, (FSA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.625</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/37</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,554,530</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, (FSA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 6.80%, 7/1/29<sup>(3)(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,416,640</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">665</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, (FSA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 8.28%, 7/1/29<sup>(3)(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">768,900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 9.115%, 7/1/16<sup>(3)(5)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">668,685</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,473,572</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Escrowed / Prerefunded &#151; 7.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Infrastructure and Economic Development, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Bay Area Toll Bridges), Prerefunded to 1/1/28, (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,339,150</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,130</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Foothill/Eastern Transportation Corridor Agency, (FSA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Escrowed to Maturity, 0.00%, 1/1/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,022,400</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">945</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), Prerefunded to 1/1/08, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.334%, 7/1/28<sup>(3)(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,028,103</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,389,653</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-General Obligations &#151; 11.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,650</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California RITES, (AMBAC), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">8.326%, 5/1/26<sup>(3)(5)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,995,758</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27<sup>(3)(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,867,325</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">San Diego Unified School District, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 9.135%, 7/1/24<sup>(3)(5)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,250,352</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Simi Valley Unified School District, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 8/1/28</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,100,350</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,995</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sweetwater, Union High School District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Election 2000), (FSA), 0.00%, 8/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,155,387</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,369,172</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Hospital &#151; 4.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Statewide Communities Development Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Children's Hospital Los Angeles), (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25%, 8/15/29<sup>(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,340,320</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,245</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Statewide Communities Development Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Sutter Health), (FSA), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">9.989%, 8/15/27<sup>(3)(5)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,486,418</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,826,738</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Lease Revenue / Certificates of <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Participation &#151; 10.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Anaheim Public Financing Authority, (Public Improvements), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FSA), 0.00%, 9/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,233,458</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Anaheim Public Financing Authority, (Public Improvements), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FSA), 0.00%, 9/1/17</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,904,095</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Anaheim Public Financing Authority, (Public Improvements), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FSA), 0.00%, 9/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,892,865</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,030,418</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Special Tax Revenue &#151; 3.9%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,880</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/28</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,350,667</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,070</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/37</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">459,975</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/45</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,589,610</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,400,252</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Transportation &#151; 13.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Alameda Corridor Transportation Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,597,600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Alameda Corridor Transportation Authority, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,306,560</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Los Angeles County Metropolitan Transportation Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), 4.50%, 7/1/32</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,445,505</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Los Angeles County Metropolitan Transportation Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FGIC), 5.25%, 7/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,632,025</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,400</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, (AGC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/45</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,431,752</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,515</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), Variable Rate, 6.479%, 7/1/28<sup>(3)(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,706,165</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportaton Authority, RITES, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(CIFG), Variable Rate, 7.293%, 7/1/41<sup>(3)(5)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">315,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">San Joaquin Hills Transportation Corridor Agency, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/15/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,835,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,270,857</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Water and Sewer &#151; 3.3%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Los Angeles Department of Water and Power, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">3.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,702,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,702,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Water Revenue &#151; 2.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">San Francisco, City and County Water Revenue, (FSA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.25%, 11/1/33<sup>(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,848,094</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,848,094</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=4,FOLIO='12',FILE='06-14447-1.ca',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance California Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lease Revenue / Certificates of Participation &#151; 3.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sacramento Financing Authority, 5.40%, 11/1/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,316,360</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,316,360</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Revenue &#151; 1.4%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,470</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Statewide Communities Development Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(East Valley Tourist Development Authority), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">8.25%, 10/1/14<sup>(3)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,576,649</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,576,649</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Special Tax Revenue &#151; 17.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Bonita Canyon Public Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.375</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,513,200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,545</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Brentwood Infrastructure Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.375</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/2/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,593,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,665</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Corona, Public Financing Authority, 5.80%, 9/1/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,667,264</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,590</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Fontana Redevelopment Agency, (Jurupa Hills), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.60</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/27</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,649,418</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jurupa Community Services District, (Community <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Facilities District No. 16), 5.30%, 9/1/34</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">504,055</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,310</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lincoln Public Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Improvement Bond Act of 1915 (Twelve Bridges), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.20</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/2/25</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,377,989</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">420</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Moreno Valley Unified School District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Community School District No. 2003-2), 5.75%, 9/1/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">429,017</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Moreno Valley Unified School District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Community School District No. 2003-2), 5.90%, 9/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">766,298</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Murrieta Valley Unified School District, 6.20%, 9/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">766,470</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,460</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Oakland Joint Powers Financing Authority, 5.40%, 9/2/18</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,554,661</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">995</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Oakland Joint Powers Financing Authority, 5.50%, 9/2/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,036,044</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Rancho Cucamonga Public Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/2/20</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">729,463</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,325</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">San Pablo Redevelopment Agency, 5.65%, 12/1/23</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,387,805</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Santa Margarita Water District, 6.20%, 9/1/20</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,606,815</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Santaluz Community Facilities District No. 2, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.10</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/21</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">255,130</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Santaluz Community Facilities District No. 2, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.20</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">510,825</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Turlock Public Financing Authority, 5.45%, 9/1/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">512,440</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Whittier Public Financing Authority, (Greenleaf Avenue <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Redevelopment), 5.50%, 11/1/23</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,034,220</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">19,894,364</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="514" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transportation &#151; 1.0%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,170</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Port Redwood City, (AMT), 5.125%, 6/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,170,819</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,170,819</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Tax-Exempt Investments &#151; 153.2%<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(identified cost $163,596,007)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">171,494,322</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Assets, Less Liabilities &#151; (0.5)%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(552,413)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares Plus Cumulative<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Unpaid Dividends &#151; (52.7)%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(59,020,028)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares &#151; 100.0%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">111,921,881</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AGC - Assured Guaranty Corp.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMBAC - AMBAC Financial Group, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">CIFG - CDC IXIS Financial Guaranty North America, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FGIC - Financial Guaranty Insurance Company</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FSA - Financial Security Assurance, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">MBIA - Municipal Bond Insurance Association</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 52.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.2% to 19.3% of total investments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;When-issued security.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover when-issued securities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $20,080,745 or 17.9% of the Trust's net assets applicable to common shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Florida Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Tax-Exempt Investments &#151; 152.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Education &#151; 1.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Volusia County Educational Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Embry Riddle Aeronautical), 5.75%, 10/15/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,040,400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,040,400</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Electric Utilities &#151; 3.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jacksonville Electric Authority, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.42%, 10/1/32<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,044,040</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,044,040</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Escrowed / Prerefunded &#151; 3.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Capital Trust Agency, (Seminole Tribe Convention), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 10/1/12, 8.95%, 10/1/33<sup>(1)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">619,490</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Capital Projects Finance Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Student Housing Revenue, (Florida University), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 8/15/10, 7.75%, 8/15/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">573,270</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Northern Palm Beach County Improvement District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Water Control and Improvement), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 8/1/09, 6.00%, 8/1/25</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,065,910</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,258,670</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">General Obligations &#151; 2.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">350</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Board of Education, 4.75%, 6/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">351,309</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida, Variable Rate, 6.22%, 7/1/27<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,311,512</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,662,821</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Health Care - Miscellaneous &#151; 0.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">160</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Osceola County IDA Community Provider Pooled Loan, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/17</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">160,139</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">160,139</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital &#151; 18.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Brevard County Health Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Health First, Inc.), 5.00%, 4/1/36</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,023,900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,350</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jacksonville, EDA, (Mayo Clinic), 5.00%, 11/15/36</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,382,953</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jacksonville, EDA, (Mayo Clinic), 5.50%, 11/15/36</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,325,812</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lakeland Hospital System, (Lakeland Regional <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Health System), 5.50%, 11/15/32</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,822,082</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Orange County Health Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Adventist Health System), 5.625%, 11/15/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,115,040</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Orange County Health Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Orlando Regional Healthcare), 5.125%, 11/15/39</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">913,869</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital &#151; (continued)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">South Miami Health Facility Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Baptist Health), 5.25%, 11/15/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,025,630</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">West Orange Health Care District, 5.80%, 2/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,459,612</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,068,898</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Housing &#151; 2.0%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">650</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Capital Trust Agency, (Atlantic Housing Foundation), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.30</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">650,487</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">620</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Escambia County Housing Finance Authority, SFM, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Multi-County Program), (AMT), 5.50%, 10/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">633,231</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,283,718</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Industrial Development Revenue &#151; 3.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">845</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Broward County IDR, (Lynxs Cargoport), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/1/19</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">830,450</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Capital Trust Agency, (Fort Lauderdale Project), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,036,940</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">650</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Port Authority, (American Airlines), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.30</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/1/23</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">597,928</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,465,318</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Education &#151; 5.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,325</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Broward County Educational Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Nova Southeastern University), (AGC), 4.50%, 4/1/36</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,238,045</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Broward County Educational Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Nova Southeastern University), (AGC), 5.00%, 4/1/36</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,026,120</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,264,165</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Electric Utilities &#151; 9.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Burke County Development Authority (Georgia Power Co.), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), (AMT), 5.45%, 5/1/34</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,601,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Guam Power Authority, (MBIA), 5.125%, 10/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,144,286</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jupiter Island, Utility System, (South Martin Regional Utility), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), 5.00%, 10/1/28</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,797,465</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, (FSA), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.80%, 7/1/29<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">828,120</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,371,471</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Escrowed / Prerefunded &#151; 3.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">650</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dade County, Professional Sports Franchise Facility, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), Escrowed to Maturity, 5.25%, 10/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">721,091</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,165</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), Prerefunded to 7/1/06, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.979%, 7/1/26<sup>(1)(3)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,223,320</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,944,411</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=6,FOLIO='14',FILE='06-14447-1.ca',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Florida Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-General Obligations &#151; 2.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27<sup>(1)(3)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,720,395</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,720,395</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Hospital &#151; 7.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Coral Gables Health Facilities Authority, (Baptist Health <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">System of South Florida), (FSA), 5.00%, 8/15/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,029,080</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Maricopa County IDA, (Mayo Clinic Hospital), (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25%, 11/15/37</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,030,810</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,350</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miami Dade County Health Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Miami Children's Hospital), (AMBAC), 5.125%, 8/15/26</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,394,051</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">105</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sarasota County, Public Hospital Board, (Sarasota <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Memorial Hospital), (MBIA), 5.50%, 7/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">118,564</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">South Miami Health Facility Authority, (Baptist Health), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), 5.25%, 11/15/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,303,038</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,875,543</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Housing &#151; 1.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Broward County Housing Finance Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Multifamily Housing, (Venice Homes Apartments), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FSA), (AMT), 5.70%, 1/1/32</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,118,304</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,118,304</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Miscellaneous &#151; 8.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miami-Dade County, (Professional Sport Franchise), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), 4.75%, 10/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,003,360</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Orange County Tourist Development, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,610,005</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,613,365</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Special Tax Revenue &#151; 17.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">970</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dade County, Special Obligation Residual Certificates, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), Variable Rate, 7.555%, 10/1/35<sup>(1)(3)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,739</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,141,685</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,470</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miami Beach Resort Tax, (AMBAC), 6.25%, 10/1/22</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,791,122</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,040</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miami-Dade County, Special Obligation, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">645,149</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miami-Dade County, Special Obligation, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/38</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">901,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,610</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miami-Dade County, Special Obligation, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/40</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">906,800</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,395</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miami-Dade County, Special Obligation, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/37</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,407,150</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,061,627</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">630,680</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Special Tax Revenue (continued)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sumter Landing Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Recreational Revenue), (MBIA), 4.75%, 10/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">999,150</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,485,352</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Transportation &#151; 20.9%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Ports Financing Commission, (FGIC), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,362,050</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Greater Orlando Aviation Authority, (FGIC), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 7.022%, 10/1/18<sup>(1)(3)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,641,075</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hillsborough County, Port District, (Tampa Port Authority <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Project), (MBIA), (AMT), 5.00%, 6/1/26</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">408,688</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hillsborough County, Port District, (Tampa Port Authority <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Project), (MBIA), (AMT), 5.00%, 6/1/36</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,025,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">532,615</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">650</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700,895</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miami-Dade County Aviation, (Miami International Airport), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(CIFG), (AMT), 5.00%, 10/1/38</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,542,735</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Palm Beach County Airport, (MBIA), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/34</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,013,230</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/36</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,372,175</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,598,763</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Water and Sewer &#151; 20.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Marco Island Utility System, (MBIA), 5.00%, 10/1/33<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,057,340</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miami Beach Storm Water, (FGIC), 5.375%, 9/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,583,115</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,034,700</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,625</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Port Saint Lucie Utility, (MBIA), 0.00%, 9/1/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,837,778</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Saint Petersburg Public Utilities, (FSA), 5.00%, 10/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,271,575</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sunrise Utility System, (AMBAC), 5.00%, 10/1/28</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,185,560</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Tampa Bay Water Utility System, (FGIC), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.72%, 10/1/27<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,562,625</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,532,693</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Nursing Home &#151; 1.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">265</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Orange County Health Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Westminster Community Care), 6.60%, 4/1/24</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">273,281</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">735</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Orange County Health Facilities Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Westminster Community Care), 6.75%, 4/1/34</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">758,594</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,031,875</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Living / Life Care &#151; 2.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lee County IDA, (Shell Point Village), 5.50%, 11/15/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,509,420</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,509,420</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='15',FILE='06-14447-1.ca',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Florida Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Special Tax Revenue &#151; 15.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">95</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Covington Park Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Capital Improvements), 5.00%, 5/1/21</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">93,836</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Covington Park Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Capital Improvements), 5.00%, 5/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">491,240</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">520</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dupree Lakes Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 11/1/10</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">521,102</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">320</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Heritage Harbour South Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.20</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/35</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">337,562</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">30</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Heritage Harbour South Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Capital Improvements), 5.40%, 11/1/08</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">30,065</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">770</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Heritage Springs Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/21</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">786,909</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">660</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">North Springs Improvement District, (Heron Bay), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/19</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">674,177</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">River Hall Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Capital Improvement), 5.45%, 5/1/36</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,270</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">490</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Southern Hills Plantation I Community <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Development District, 5.80%, 5/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">501,020</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sterling Hill Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.20</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/35</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">629,574</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Stoneybrook West Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/32</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">533,480</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Tisons Landing Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.625</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/37</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,009,020</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">820</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">University Square Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">882,049</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">450</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vista Lakes Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.20</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">482,945</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">725</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Waterlefe Community Development District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.95</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">784,849</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">175</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">West Palm Beach Community Redevelopment Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Northwood Pleasant Community), 5.00%, 3/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">176,507</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,270</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">West Palm Beach Community Redevelopment Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Northwood Pleasant Community), 5.00%, 3/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,276,236</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,210,841</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Tax-Exempt Investments &#151; 152.7%<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(identified cost $94,970,986)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">99,260,602</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Assets, Less Liabilities &#151; 1.9%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,247,170</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares Plus Cumulative<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Unpaid Dividends &#151; (54.6)%</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(35,500,000)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares &#151; 100.0%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">65,007,772</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AGC - Assured Guaranty Corp.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMBAC - AMBAC Financial Group, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">CIFG - CDC IXIS Financial Guaranty North America, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FGIC - Financial Guaranty Insurance Company</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FSA - Financial Security Assurance, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">MBIA - Municipal Bond Insurance Association</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust invests primarily in debt securities issued by Florida municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 64.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 3.3% to 23.4% of total investments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $11,951,316 or 18.4% of the Trust's net assets applicable to common shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Massachusetts Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Tax-Exempt Investments &#151; 149.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Education &#151; 31.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Belmont Hill School), 5.00%, 9/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">508,780</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,525</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Boston University), 5.45%, 5/15/59</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,687,534</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Massachusetts College of Pharmacy), 5.75%, 7/1/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">524,660</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Middlesex School), 5.00%, 9/1/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">609,066</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Mount Holyoke College), 5.25%, 7/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">518,690</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Wheeler School), 6.50%, 12/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,586,775</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Xaverian Brothers High School), 5.65%, 7/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,028,030</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Boston College), 5.125%, 6/1/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,031,120</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Williams College), 4.50%, 7/1/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">875,916</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts IFA, (Babson College), 5.25%, 10/1/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">510,370</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts IFA, (Belmont Hill School), 5.25%, 9/1/28</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">407,248</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachustts HEFA, (Massachusetts Institute of Technology), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/32</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,879,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,167,489</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Electric Utilities &#151; 5.1%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,065</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, (Dominion <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Energy Brayton Point), (AMT), 5.00%, 2/1/36</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,067,034</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts IFA, (Devens Electric System), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,057,450</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,124,484</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Escrowed / Prerefunded &#151; 4.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Western New England College), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 12/1/12, 6.125%, 12/1/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">453,484</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Winchester Hospital), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 7/1/10, 6.75%, 7/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,106,860</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Rail Connections, Inc., (Route 128 Parking), (ACA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 7/1/09, 0.00%, 7/1/20</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">447,530</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,007,874</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">General Obligations &#151; 0.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts, 5.25%, 8/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">276,672</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">276,672</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Health Care-Miscellaneous &#151; 2.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">510</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MCHSP Human Services), 6.60%, 8/15/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">510,178</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Learning Center for Deaf Children), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">704,200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,214,378</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital &#151; 14.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Biomedical Research Corp.), 6.25%, 8/1/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,068,040</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Baystate Medical Center), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,048,220</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">400</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Berkshire Health System), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">423,596</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">105</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Central New England <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Health Systems), 6.30%, 8/1/18</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">104,844</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Covenant Health), 6.00%, 7/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,173,766</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (South Shore Hospital), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,106,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,925,066</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Housing &#151; 6.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">650</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Housing Finance Agency, (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">653,510</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Housing Finance Agency, (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.10</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/37</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,014,200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,667,710</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Industrial Development Revenue &#151; 1.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">695</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts IFA, (American Hingham Water Co.), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMT), 6.60%, 12/1/15</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">705,592</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">705,592</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Education &#151; 16.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts College Building Authority, (XLCA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/39<sup>(1)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,145,840</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Boston University), (XLCA), 5.375%, 5/15/39</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,106,230</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">455</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(College of the Holy Cross), (AMBAC), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">8.34%, 9/1/32<sup>(2)(3)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">610,542</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Franklin W. Olin College), (XLCA), 5.25%, 7/1/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,670,560</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">850</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Berklee College of Music), (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 6.48%, 10/1/27<sup>(2)(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">898,416</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Northeastern University), (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,021,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='17',FILE='06-14447-1.ca',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Massachusetts Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Education (continued)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (UMass-Worcester Campus), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FGIC), 5.25%, 10/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">526,165</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,979,503</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Electric Utilities &#151; 1.9%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, (FSA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">789,060</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">789,060</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-General Obligations &#151; 7.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts, (AMBAC), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">9.075%, 8/1/30<sup>(2)(3)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,441,470</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Plymouth, (MBIA), 5.25%, 10/15/20</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">531,030</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27<sup>(2)(3)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,032,237</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,004,737</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Miscellaneous &#151; 12.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Boston Convention Center, (AMBAC), 5.00%, 5/1/27</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,047,720</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, (WGBH), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), 5.75%, 1/1/42</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,265,515</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,313,235</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Special Tax Revenue &#151; 6.1%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,539,165</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">680</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">236,715</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">385</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/37</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">85,551</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">570</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">179,744</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/45</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">495,073</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,536,248</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Transportation &#151; 6.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,020</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Turnpike Authority, Metropolitan <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Highway System, (MBIA), 0.00%, 1/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">340,323</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Turnpike Authority, Metropolitan <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Highway System, (MBIA), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.456%, 1/1/37<sup>(2)(3)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,144,044</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), Variable Rate, 6.479%, 7/1/28<sup>(2)(3)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,076,010</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,560,377</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Nursing Home &#151; 2.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Boston, IDA (Alzheimers Center), (FHA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 2/1/37</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">516,240</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts HEFA, (Christopher House), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.875</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">603,120</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,119,360</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Living / Life Care &#151; 3.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Development Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Berkshire Retirement), 5.625%, 7/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,509,795</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,509,795</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Special Tax Revenue &#151; 2.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Bay Transportation Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Sales Tax Revenue), 5.25%, 7/1/34</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,112,870</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,112,870</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transportation &#151; 5.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,350</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Bay Transportation Authority, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.23%, 3/1/27<sup>(2)(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,404,918</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/36</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,740</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,405,658</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Water and Sewer &#151; 16.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Water Pollution Abatement Trust, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 8/1/32</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,049,420</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Water Pollution Abatement Trust, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 8/1/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,102,780</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">965</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Water Pollution Abatement Trust, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.375</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 8/1/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,010,210</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Water Resources Authority, 4.00%, 8/1/46</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,677,160</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,839,570</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Tax-Exempt Investments &#151; 149.2%<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(identified cost $59,269,853)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">62,259,678</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Assets, Less Liabilities &#151; 2.3%</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">966,325</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares Plus Cumulative<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Unpaid Dividends &#151; (51.5)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(21,503,886)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares &#151; 100.0%</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,722,117</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='18',FILE='06-14447-1.ca',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Massachusetts Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ACA - ACA Financial Guaranty Corporation</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMBAC - AMBAC Financial Group, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FGIC - Financial Guaranty Insurance Company</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FHA - Federal Housing Administration</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FSA - Financial Security Assurance, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">MBIA - Municipal Bond Insurance Association</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">XLCA - XL Capital Assurance, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 34.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.9% to 16.5% of total investments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $7,607,637 or 18.2% of the Trust's net assets applicable to common shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">19</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='19',FILE='06-14447-1.ca',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Michigan Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Tax-Exempt Investments &#151; 158.0%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Education &#151; 5.9%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Higher Education Facilities Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Creative Studies), 5.90%, 12/1/27</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,312,387</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">540</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Higher Education Facilities Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Hillsdale College), 5.00%, 3/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">545,141</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,857,528</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Electric Utilities &#151; 7.4%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Strategic Fund, (Detroit Edison Pollution Control), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.45</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,282,662</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, 5.25%, 7/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,025,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,308,162</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Escrowed / Prerefunded &#151; 7.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Kent Hospital Finance Authority, (Spectrum Health), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 7/15/11, 5.50%, 1/15/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">543,155</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Hospital Finance Authority, (Ascension Health <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Care), Prerefunded to 11/15/09, 6.125%, 11/15/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">814,192</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Woodhaven Brownstown School District, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 5/1/12, 5.125%, 5/1/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">854,448</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,211,795</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">General Obligations &#151; 17.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">East Grand Rapids Public Schools, 5.00%, 5/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">517,180</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Garden City School District, 5.00%, 5/1/26</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">511,895</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,335</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Grand Rapids and Kent County Joint Building Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,686,927</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Manistee Area Public Schools, 5.00%, 5/1/24</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,035,710</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Public Buildings Authority, Commonwealth <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Guaranteed, 5.25%, 7/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">772,357</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">White Cloud Public Schools, 5.125%, 5/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,025,880</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,549,949</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Health Care-Miscellaneous &#151; 0.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">220</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pittsfield Township EDC, (Arbor Hospice),<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.875</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 8/15/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">225,953</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">225,953</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital &#151; 26.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Allegan Hospital Finance Authority, (Allegan General <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital), 7.00%, 11/15/21</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">537,765</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">125</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gaylord Hospital Finance Authority, (Otsego Memorial<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital Association), 6.20%, 1/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">128,471</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital (continued)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">125</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gaylord Hospital Finance Authority, (Otsego Memorial<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital Association), 6.50%, 1/1/37</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">128,866</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">530</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Macomb County Hospital Finance Authority, (Mount <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Clemens General Hospital), 5.875%, 11/15/34</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">560,581</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Mecosta County, (Michigan General Hospital), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/15/18</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">514,005</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Hospital Finance Authority, (Central Michigan <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Community Hospital), 6.25%, 10/1/27</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,013,390</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Hospital Finance Authority, (Henry Ford Health), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25%, 11/15/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,013,270</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Hospital Finance Authority, (McLaren Healthcare), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 8/1/35</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,012,410</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Hospital Finance Authority, (Memorial Healthcare <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Center), 5.875%, 11/15/21</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">780,720</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Hospital Finance Authority, (Sparrow <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Obligation Group), 5.625%, 11/15/36</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">781,237</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Hospital Finance Authority, (Trinity Health),<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,083,540</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Saginaw Hospital Finance Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Covenant Medical Center), 6.50%, 7/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">872,744</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,426,999</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Industrial Development Revenue &#151; 7.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Detroit Local Development Finance Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Chrysler Corp.), 5.375%, 5/1/21</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,009,530</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dickinson County Economic Development Corp.,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(International Paper Co.), 5.75%, 6/1/16</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">850,992</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">625</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Port Authority, (American Airlines), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/1/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">567,475</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,427,997</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Education &#151; 0.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Central Michigan University, (AMBAC), 4.75%, 10/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">251,578</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">251,578</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Electric Utilities &#151; 6.3%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Strategic Fund Resource Recovery, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,045,210</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Strategic Fund Resource Recovery, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Detroit Edison Co.), (XLCA), 5.25%, 12/15/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">518,480</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">400</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 5.793%, 7/1/33<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">408,208</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,971,898</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">20</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='20',FILE='06-14447-1.ca',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Michigan Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Escrowed / Prerefunded &#151; 20.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Central Montcalm Public Schools, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 5/1/09, 6.00%, 5/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,063,430</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Fenton Area Public Schools, (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 5/1/08, 5.00%, 5/1/24</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,049,660</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Novi Building Authority, (FSA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 10/1/10, 5.50%, 10/1/25<sup>(3)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,157,780</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), Prerefunded to 7/1/06, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.979%, 7/1/26<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">630,036</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">455</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), Prerefunded to 1/1/08, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.334%, 7/1/28<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">495,013</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,395,919</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-General Obligations &#151; 18.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Brandon School District, (FSA), 4.50%, 5/1/33<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">967,370</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Brandon School District, (FSA), 4.50%, 5/1/35<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">963,160</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">650</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Detroit School District, (FGIC), 4.75%, 5/1/28<sup>(3)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">651,528</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">201,210</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">595</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Paw Paw Public School District, (MBIA), 4.75%, 5/1/28</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">599,897</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Paw Paw Public School District, (MBIA), 4.75%, 5/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">602,568</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">802,851</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">St. Johns Public Schools, (FGIC), 5.10%, 5/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,085,580</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,874,164</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Hospital &#151; 6.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Royal Oak Hospital Finance Authority, (William Beaumont <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital), (MBIA), 5.25%, 11/15/35</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,031,020</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Saginaw Hospital Finance Authority, (Covenant Medical <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Center), (MBIA), 5.50%, 7/1/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,047,470</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,078,490</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Sewer Revenue &#151; 3.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Detroit Sewer Disposal, (FGIC), 5.125%, 7/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,030,230</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,030,230</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Special Tax Revenue &#151; 7.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Wayne Charter County, (Airport Hotel-Detroit <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Metropolitan Airport), (MBIA), 5.00%, 12/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,309,603</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,309,603</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Student Loan &#151; 3.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Higher Education Student Loan Authority <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Revenue, (AMBAC), (AMT), 5.50%, 6/1/25<sup>(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,027,220</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,027,220</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Transportation &#151; 8.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">670</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), Variable Rate, 6.479%, 7/1/28<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">720,927</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Wayne Charter County Airport, Residual Certificates,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), (AMT), Variable Rate, 6.24%, 12/1/28<sup>(1)(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,021,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,742,527</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Water Revenue &#151; 7.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,650</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Detroit Water Supply System, (FGIC), 5.00%, 7/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,679,931</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">550</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Detroit Water Supply System, (MBIA), 5.00%, 7/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">566,368</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,246,299</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lease Revenue / Certificates of Participation &#151; 0.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico, (Guaynabo Municipal Government <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Center Lease), 5.625%, 7/1/22</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">254,628</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">254,628</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transportation &#151; 1.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">375</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Kent County Airport Facility, Variable Rate,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">8.69%, 1/1/25<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">393,075</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">393,075</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Tax-Exempt Investments &#151; 158.0%<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(identified cost $46,362,184)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">49,584,014</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Assets, Less Liabilities &#151; (2.2)%</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(695,112)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares Plus Cumulative<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Unpaid Dividends &#151; (55.8)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(17,500,000)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares &#151; 100.0%</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,388,902</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMBAC - AMBAC Financial Group, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FGIC - Financial Guaranty Insurance Company</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FSA - Financial Security Assurance, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">MBIA - Municipal Bond Insurance Association</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">XLCA - XL Capital Assurance, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, </font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">21</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Michigan Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">52.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.0% to 23.2% of total investments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $5,471,710 or 17.4% of the Trust's net assets applicable to common shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover when-issued securities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;When-issued security.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">22</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance New Jersey Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Tax-Exempt Investments &#151; 153.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Education &#151; 4.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Educational Facilities Authority, (Stevens <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Institute of Technology), 5.25%, 7/1/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,328,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,328,000</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Electric Utilities &#151; 9.5%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, 5.125%, 7/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,087,400</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Salem County Pollution Control Financing Authority, (Public <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,585,530</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,672,930</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Escrowed / Prerefunded &#151; 5.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,935</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Educational Facilities Authority, (Princeton <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">University), Prerefunded to 7/1/10, 5.00%, 7/1/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,080,241</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,080,241</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">General Obligations &#151; 5.2%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Public Buildings Authority, Commonwealth <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Guaranteed, 5.25%, 7/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,604,335</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,604,335</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital &#151; 25.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Camden County, Improvements Authority, (Cooper <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Health System), 5.00%, 2/15/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">100,301</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">90</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Camden County, Improvements Authority, (Cooper <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Health System), 5.00%, 2/15/35</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">89,504</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Camden County, Improvements Authority, (Cooper <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Health System), 5.25%, 2/15/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">102,129</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Camden County, Improvements Authority, (Cooper <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Health System), 5.75%, 2/15/34</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,887,967</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,035</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Health Care Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Atlantic City Medical Center), 5.75%, 7/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,097,493</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,140</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Health Care Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Capital Health System), 5.25%, 7/1/27</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,158,361</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,765</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Health Care Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Capital Health System), 5.375%, 7/1/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,806,107</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Health Care Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Hackensack University Medical Center), 6.00%, 1/1/34</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,110,800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">450</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Health Care Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Hunterdon Medical Center), 5.125%, 7/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">453,330</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Health Care Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Palisades Medical Center), 6.50%, 7/1/21</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">823,612</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Health Care Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Robert Wood Johnson University Hospital), 5.75%, 7/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,109,380</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital (continued)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,450</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Health Care Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Saint Peters University Hospital), 6.875%, 7/1/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,576,802</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Health Care Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(St. Elizabeth's Hospital), 6.00%, 7/1/20</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,964,087</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Health Care Facilities Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Trinitas Hospital), 7.50%, 7/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">660,936</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,940,809</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Industrial Development Revenue &#151; 9.9%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gloucester County, Improvements Authority, (Waste <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Management, Inc.), (AMT), 7.00%, 12/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,089,580</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Middlesex County Pollution Control Authority, (Amerada <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Hess Corp.), 6.05%, 9/15/34</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,208,200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (Anheuser-Busch), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.85</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,021,380</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (Continental Airlines), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/15/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">744,457</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (Continental Airlines), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">9.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/1/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">829,965</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,893,582</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Education &#151; 3.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Educational Facilities Authority, (Kean <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">University), (MBIA), 4.50%, 7/1/37</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,059,850</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Industrial, Tourist, Educational, Medical and <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Environmental, Residual Certificates, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 7.615%, 7/1/33<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,682,160</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,742,010</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Electric Utilities &#151; 1.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vineland, (Electric Utility), (MBIA), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/15/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,292,037</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,292,037</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Escrowed / Prerefunded &#151; 5.1%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,580</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (FSA), Prerefunded to 5/1/09, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 7.137%, 5/1/17<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,787,217</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Turnpike Authority, RITES, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 1/1/10, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.933%, 1/1/30<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,771,695</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,558,912</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Gas Utilities &#151; 7.2%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (New Jersey Natural Gas Co.), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FGIC), 4.90%, 10/1/40</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,022,350</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,022,350</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">23</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='23',FILE='06-14447-1.cc',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance New Jersey Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-General Obligations &#151; 13.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,065</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Freehold Township, Board of Education, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.375</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 2/15/32</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,023,433</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Irvington Township, (FSA), 0.00%, 7/15/24</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,471,225</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Irvington Township, (FSA), 0.00%, 7/15/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,191,640</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Madison Boro, Board of Education, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/15/35</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">754,103</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Monroe Township, Board of Education, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 4/1/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">585,798</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,531</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Stafford Township, (MBIA), 3.00%, 7/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,162,672</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,945</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Washington Township, Board of Education, Gloucester <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">County, (FSA), 5.25%, 1/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,157,900</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,346,771</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Housing &#151; 5.2%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,390</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Housing and Mortgage Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FSA), (AMT), 5.05%, 5/1/34</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,396,712</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">230</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Housing and Mortgage Finance Agency, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Multifamily Housing, (FSA), 5.75%, 5/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">238,982</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,635,694</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Lease Revenue / Certificates of <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Participation &#151; 1.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gloucester County, Improvements Authority, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">705,425</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">705,425</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Special Tax Revenue &#151; 14.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,030</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Garden Preservation Trust and Open Space and Farmland, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FSA), 0.00%, 11/1/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,986,074</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Garden Preservation Trust and Open Space and Farmland, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FSA), 0.00%, 11/1/27</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,522,914</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Garden Preservation Trust and Open Space and Farmland, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FSA), 0.00%, 11/1/25<sup>(3)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,357,280</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,866,268</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Transportation &#151; 14.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Delaware River Port Authority, (FSA), 5.625%, 1/1/26</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,055,760</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Delaware River Port Authority, (FSA), 5.75%, 1/1/26<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,448,023</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,230</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Transportation Trust Fund Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), 0.00%, 12/15/36<sup>(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,045,183</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Newark Housing Authority, (Newark Marine Terminal), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), Variable Rate, 6.358%, 1/1/37<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,348,613</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Port Authority of New York and New Jersey, (CIFG), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMT), 4.50%, 9/1/35</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,898,560</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,796,139</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Water and Sewer &#151; 6.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Rahway Valley Sewerage Authority, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,766,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Rahway Valley Sewerage Authority, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,013,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,779,500</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Nursing Home &#151; 2.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (Masonic Charity Foundation), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,053,410</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">960</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (Victoria Health), 5.20%, 12/20/36<sup>(1)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,003,574</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,056,984</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Revenue &#151; 4.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Children's Trust Fund, PR, Tobacco Settlement, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/15/50</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">454,032</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Children's Trust Fund, PR, Tobacco Settlement, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/15/55</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">205,875</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">950</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Tobacco Settlement Financing Corp., 6.75%, 6/1/39</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,059,934</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Tobacco Settlement Financing Corp., Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">9.264%, 6/1/39<sup>(1)(6)(7)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,539,313</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,259,154</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Living / Life Care &#151; 2.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,700</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (Fellowship Village), 5.50%, 1/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,708,959</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,708,959</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Special Tax Revenue &#151; 5.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (Cigarette Tax), 5.50%, 6/15/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">779,333</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,310</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (Cigarette Tax), 5.75%, 6/15/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,391,718</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey EDA, (Cigarette Tax), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.40%, 6/15/34<sup>(1)(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,666,680</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,837,731</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transportation &#151; 4.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Port Authority of New York and New Jersey, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.512%, 3/1/28<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,125,200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,175</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">South Jersey Port Authority, (Marine Terminal), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.10</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,201,038</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,326,238</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">24</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=16,FOLIO='24',FILE='06-14447-1.cc',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance New Jersey Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Tax-Exempt Investments &#151; 153.6%<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(identified cost $102,090,153)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">107,454,069</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Assets, Less Liabilities &#151; 0.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">520,969</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares Plus Cumulative <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Unpaid Dividends &#151; (54.3)%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(38,006,662)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares &#151; 100.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,968,376</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMBAC - AMBAC Financial Group, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">CIFG - CDC IXIS Financial Guaranty North America, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FGIC - Financial Guaranty Insurance Company</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FSA - Financial Security Assurance, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">MBIA - Municipal Bond Insurance Association</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 47.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.8% to 23.8% of total investments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $12,924,452 or 18.5% of the Trust's net assets applicable to common shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover when-issued securities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;When-issued security.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security is subject to a shortfall and forbearance agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=17,FOLIO='25',FILE='06-14447-1.cc',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance New York Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Tax-Exempt Investments &#151; 150.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cogeneration &#151; 1.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,150</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Suffolk County IDA, (Nissequogue Cogeneration Partners <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Facility), (AMT), 5.50%, 1/1/23</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,064,463</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,064,463</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Education &#151; 9.0%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dutchess County IDA, (Marist College), 5.00%, 7/1/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,022,390</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,145</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hempstead IDA, (Adelphi University), 4.50%, 10/1/24</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,110,833</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">450</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hempstead IDA, (Adelphi University), 5.00%, 10/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">456,844</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,980</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hempstead IDA, (Hofstra University Civic Facilities), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,044,989</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,635,056</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Electric Utilities &#151; 15.5%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">455</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Long Island Power Authority, Electric System Revenue, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">446,319</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,575</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Long Island Power Authority, Electric System Revenue, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/35</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,614,249</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Long Island Power Authority, Electric System Revenue, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.375</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,052,850</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Power Authority, 5.25%, 11/15/40</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,263,918</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, 5.125%, 7/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,526,220</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, 5.25%, 7/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,051,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Suffolk County IDA, (Keyspan-Port Jefferson), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/1/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,150,736</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,105,292</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Escrowed / Prerefunded &#151; 5.9%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City IDA, (Ohel Children's Home), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 3/15/22, 6.25%, 8/15/22</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">212,610</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,385</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Dormitory Authority, (Court Facility), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 5/15/10, 6.00%, 5/15/39</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,787,411</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000,021</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">General Obligations &#151; 10.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,275</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York, 4.25%, 3/15/36</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,176,723</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City, 5.25%, 9/15/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,267,120</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Public Buildings Authority, Commonwealth <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Guaranteed, 5.25%, 7/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,544,715</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,988,558</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Health Care-Miscellaneous &#151; 6.3%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City IDA, (A Very Special Place, Inc.), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,222,125</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City IDA, Civic Facility Revenue, (Ohel <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Children's Home), 6.25%, 8/15/22</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,180,257</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Suffolk County IDA, Civic Facility Revenue, (Alliance of LI), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/15</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">107,754</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">140</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Suffolk County IDA, Civic Facility Revenue, (Alliance of LI), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/15</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">150,856</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Westchester County IDA, (Children's Village), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.375</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 3/15/19</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,639,754</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,300,746</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital &#151; 17.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">220</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chautauqua County IDA, (Womans Christian Association), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.35%, 11/15/17</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">230,771</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">485</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chautauqua County IDA, (Womans Christian Association), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.40%, 11/15/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">505,108</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Fulton County IDA, (Nathan Littauer Hospital), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 11/1/18</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,235,937</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Monroe County IDA, (Highland Hospital of Rochester), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 8/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,481,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Nassau County IDA, Civic Facility Revenue, (North Shore <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Health System), 6.25%, 11/1/21</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">429,880</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,700</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City Health and Hospital Corp., (Health System), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 2/15/17</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,769,147</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City Health and Hospital Corp., (Health System), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.375</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 2/15/26</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">308,934</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Dormitory Authority Revenue, (Lenox Hill Hospital), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,506,450</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Dormitory Authority, (Methodist Hospital), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,062,340</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Oneida County IDA, (St. Elizabeth Hospital), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/19</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,265,962</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,105</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Suffolk County IDA, Civic Facility, (Huntington Hospital), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 11/1/22</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,233,216</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,028,995</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Housing &#151; 6.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,045</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City Housing Development Corp., <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Multi-Family Housing), 4.65%, 5/1/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,042,941</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City Housing Development Corp., <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Multi-Family Housing), 4.95%, 11/1/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,074,370</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City Housing Development Corp., <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Multi-Family Housing), (AMT), 5.00%, 11/1/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,259,937</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,377,248</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">26</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=18,FOLIO='26',FILE='06-14447-1.cc',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance New York Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Industrial Development Revenue &#151; 13.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Liberty Development Corp., (Goldman Sachs Group, Inc.), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,172,320</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Liberty Development Corp., (Goldman Sachs Group, Inc.), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Residuals), Variable Rate, 8.36%, 10/1/35<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,258,480</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City IDA, (American Airlines, Inc.-JFK International <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Airport), (AMT), 8.00%, 8/1/12</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,642,860</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,440</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City IDA, (Liberty-IAC), 5.00%, 9/1/35</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,452,371</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">775</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Onondaga County IDA, (Aero Syracuse Cargo), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/32</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">816,253</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Onondaga County IDA, (Anheuser-Busch), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/34</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,649,775</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">550</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Port Authority of New York and New Jersey, (Continental <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Airlines), (AMT), 9.125%, 12/1/15</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">568,122</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,560,181</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Education &#151; 1.9%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Dormitory Authority, (New York University), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), Variable Rate, 13.955%, 7/1/27<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,630,305</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,630,305</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Electric Utilities &#151; 1.0%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">800</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, RITES, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 5.793%, 7/1/33<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">816,416</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">816,416</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Escrowed / Prerefunded &#151; 3.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City, Trust for Cultural Resources, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Museum of History), Prerefunded to 7/1/19, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), Variable Rate, 9.749%, 7/1/29<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,200,730</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,190</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 1/1/08, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.334%, 7/1/28<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,294,649</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,495,379</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-General Obligations &#151; 2.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">575</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Brookhaven, (MBIA), 2.00%, 5/1/26</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">374,198</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,007,127</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,381,325</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Hospital &#151; 6.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Dormitory Authority, (Memorial Sloan Kettering <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Cancer Center), (MBIA), 5.50%, 7/1/23<sup>(3)(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,658,700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,658,700</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Special Tax Revenue &#151; 12.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Convention Center, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.75%, 11/15/45</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,480,470</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Convention Center, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00%, 11/15/44</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,792,228</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,975</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,035,627</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/34</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,167,660</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,625</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/37</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,583,191</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/43</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,017,080</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,800</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">567,612</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,643,868</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Transportation &#151; 12.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,325</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Monroe County Airport Authority, (MBIA), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 7.87%, 1/1/17<sup>(1)(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,856,402</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,735</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Niagara Frontier Airport Authority, (Buffalo Niagara <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">International Airport), (MBIA), (AMT), 5.625%, 4/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,873,829</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Niagara Frontier Airport Authority, (Buffalo Niagara <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">International Airport), (MBIA), (AMT), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.38%, 4/1/29<sup>(1)(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,927,678</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">970</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Port Authority of New York and New Jersey, (CIFG), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">920,802</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,950</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, (AGC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/45</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,994,226</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,572,937</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Water Revenue &#151; 1.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Nassau County IDA, (AMBAC), 5.00%, 12/1/35</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,017,020</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,017,020</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Revenue &#151; 3.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,285</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Albany Industrial Development Agency Civic Facility, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Charitable Leadership), 5.75%, 7/1/26</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,323,679</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 6.837%, 10/1/32<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,825</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,824,504</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Living / Life Care &#151; 3.4%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,450</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Mount Vernon IDA, (Wartburg Senior Housing, Inc. - <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Meadowview), 6.20%, 6/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,480,726</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Suffolk County IDA, (Jeffersons Ferry), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00%, 11/1/28<sup>(6)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">248,158</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">27</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=19,FOLIO='27',FILE='06-14447-1.cc',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance New York Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Living / Life Care (continued)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Suffolk County IDA, (Jeffersons Ferry), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.20</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 11/1/19</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,117,470</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,846,354</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transportation &#151; 12.1%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Metropolitan Transportation Authority of New York, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25%, 11/15/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,272,580</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Port Authority of New York and New Jersey, (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 5.162%, 6/15/33<sup>(1)(5)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,236,170</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">333</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Port Authority of New York and New Jersey, (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 5.562%, 12/1/34<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">313,886</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,800</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Port Authority of New York and New Jersey, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.512%, 3/1/28<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,390,850</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,213,486</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Water and Sewer &#151; 3.9%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">735</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City, Municipal Water Finance Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/15/33</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">713,163</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,625</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York City, Municipal Water Finance Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/15/38</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,601,454</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,314,617</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Tax-Exempt Investments &#151; 150.9%<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(identified cost $122,175,366)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">127,475,471</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Assets, Less Liabilities &#151; 1.8%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,505,244</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares Plus Cumulative <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Unpaid Dividends &#151; (52.7)%</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(44,521,939)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares &#151; 100.0%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">84,458,776</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AGC - Assured Guaranty Corp.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMBAC - AMBAC Financial Group, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">CIFG - CDC IXIS Financial Guaranty North America, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FGIC - Financial Guaranty Insurance Company</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FSA - Financial Security Assurance, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">MBIA - Municipal Bond Insurance Association</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 27.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.4% to 12.7% of total investments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $18,433,518 or 21.8% of the Trust's net assets applicable to common shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover when-issued securities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;When-issued security.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">28</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=20,FOLIO='28',FILE='06-14447-1.cc',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Ohio Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Tax-Exempt Investments &#151; 153.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cogeneration &#151; 1.4%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">385</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Water Development Authority, Solid Waste Disposal, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Bay Shore Power), (AMT), 5.875%, 9/1/20</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">388,149</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Water Development Authority, Solid Waste Disposal, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Bay Shore Power), (AMT), 6.625%, 9/1/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">206,614</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">594,763</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Education &#151; 3.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Higher Educational Facilities Authority, (Oberlin <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">College), Variable Rate, 6.22%, 10/1/29<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,640,370</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,640,370</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Electric Utilities &#151; 3.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Clyde Electric System Revenue, (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00%, 11/15/14</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">516,815</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, 5.25%, 7/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,025,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,542,315</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Escrowed / Prerefunded &#151; 8.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Delaware County, Prerefunded to 12/1/10, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,101,620</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Franklin County, (Childrens Hospital), Prerefunded to <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5/1/09, 5.20%, 5/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,058,620</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,530</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hamilton City School District, Prerefunded to 12/1/09, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.625</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,640,099</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,800,339</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital &#151; 17.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">550</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cuyahoga County, (Cleveland Clinic Health System), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">579,271</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Erie County Hospital Facilities, (Firelands Regional <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Medical Center), 5.25%, 8/15/46<sup>(3)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">618,414</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Erie County Hospital Facilities, (Firelands Regional <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Medical Center), 5.625%, 8/15/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,571,265</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Highland County, (Joint Township Hospital District), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">629,994</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Parma Community General Hospital Association, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.35</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 11/1/18</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,307,837</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Parma Community General Hospital Association, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.375</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 11/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,831,970</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Richland County Hospital Facilities, (Medcentral Health <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Systems), 6.375%, 11/15/22</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,076,320</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,615,071</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Housing &#151; 8.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Housing Finance Agency, (Residential Mortgage <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Backed Securities), (AMT), 5.00%, 9/1/36</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,001,610</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Housing Finance Agency, (Uptown Community <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Partners), (AMT), 5.25%, 4/20/48</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,521,650</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,523,260</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Industrial Development Revenue &#151; 11.5%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,385</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cleveland Airport, (Continental Airlines), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.375</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/15/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,217,997</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dayton Special Facilities Revenue, (Emery Air Freight), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.625</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 2/1/18</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,355,952</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Water Development Authority, (Anheuser-Busch), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMT), 6.00%, 8/1/38</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,368,417</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,942,366</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Education &#151; 5.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Higher Educational Facilities, (University of Dayton), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), 5.50%, 12/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,069,160</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">University of Cincinnati, (FGIC), 5.25%, 6/1/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,322,162</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,391,322</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Electric Utilities &#151; 4.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Municipal Electric Generation Agency, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 2/15/25</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">822,060</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Municipal Electric Generation Agency, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 2/15/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,171,350</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,993,410</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Escrowed / Prerefunded &#151; 8.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">245</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cuyahoga County Hospital, (MBIA), Escrowed to Maturity, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/29<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">252,210</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lima City School District, (AMBAC), Prerefunded to <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">12/1/10, 5.50%, 12/1/22</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,093,040</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">495</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lima City School District, (AMBAC), Prerefunded to <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">12/1/10, 6.00%, 12/1/22</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">551,024</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">University of Akron, (FGIC), Prerefunded to 1/1/10, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 7.72%, 1/1/29<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,731,345</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,627,619</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-General Obligations &#151; 14.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,455</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Canal Winchester Local School District, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">742,883</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,255</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Canal Winchester Local School District, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">325,246</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">29</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=21,FOLIO='29',FILE='06-14447-1.cc',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Ohio Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-General Obligations (continued)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">610</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pickerington Ohio Local School District, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">553,825</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27<sup>(1)(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,146,930</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">400</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico, (MBIA), Variable Rate, 9.115%, 7/1/20<sup>(1)(5)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">546,160</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,860</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Springfield City School District, Clark County, (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.20</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/23</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,033,116</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,348,160</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Hospital &#151; 6.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">255</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cuyahoga County, (Cleveland Clinic), (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/29<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">262,505</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hamilton County, (Cincinnati Childrens Hospital), (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/15/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,024,570</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hamilton County, (Cincinnati Childrens Hospital), (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/15/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,557,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,844,075</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Industrial Development Revenue &#151; 1.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">725</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Air Quality Development Authority, (Dayton Power &amp; <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Light Co.), (FGIC), 4.80%, 1/1/34</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">725,710</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">725,710</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Lease Revenue / Certificates of <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Participation &#151; 6.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cleveland, Certificates of Participation, (Cleveland Stadium), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), 5.25%, 11/15/22</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,555,635</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Public Finance Corp., (AMBAC), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.90%, 6/1/24<sup>(1)(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750,564</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Summit County, (Civic Theater Project), (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">510,230</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,816,429</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Special Tax Revenue &#151; 13.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Delaware County, Sewer District, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/24</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,021,780</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hamiliton County Sales Tax Revenue, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/32</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,093,640</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,235</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hamilton County Sales Tax Revenue, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/28</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">755,341</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/44</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">800,100</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,670,861</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Transportation &#151; 9.0%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cleveland Airport System Revenue, (FSA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">508,265</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/24</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,141,570</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,138,890</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 6.479%, 7/1/28<sup>(1)(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,076,010</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,864,735</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lease Revenue / Certificates of Participation &#151; 3.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Union County, (Pleasant Valley Joint Fire District), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/19</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,359,410</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,359,410</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Revenue &#151; 2.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 6.837%, 10/1/32<sup>(1)(5)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,200,660</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,200,660</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pooled Loans &#151; 11.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">530</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cleveland-Cuyahoga County Port Authority, (Myers <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">University), 5.60%, 5/15/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">544,156</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">550</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Economic Development Commission, (Ohio Enterprise <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Bond Fund), (AMT), 4.85%, 6/1/25</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">561,710</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,020</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Economic Development, (Ohio Enterprise Bond Fund), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMT), 5.85%, 12/1/22</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,061,749</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,215</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Rickenbacker Port Authority, Oasbo Expanded Asset Pooled <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Loan, 5.375%, 1/1/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,283,028</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">325</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Summit County Port Authority, (Twinsburg Township), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/15/25</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">325,111</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Toledo-Lucas County Port Authority, 5.40%, 5/15/19</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,117,149</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,892,903</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Special Tax Revenue &#151; 5.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cleveland-Cuyahoga County Port Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/18</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">641,232</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cuyahoga County, Economic Development, (Shaker <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Square), 6.75%, 12/1/30<sup>(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,586,074</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,227,306</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transportation &#151; 2.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">875</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/34</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">875,831</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">875,831</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">30</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=22,FOLIO='30',FILE='06-14447-1.cc',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Ohio Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="514" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Water and Sewer &#151; 2.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Water Development Authority, (Fresh Water <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Improvement), 5.00%, 12/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,032,940</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,032,940</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Tax-Exempt Investments &#151; 153.1%<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(identified cost $61,274,073)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">65,529,855</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Assets, Less Liabilities &#151; 1.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">787,288</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares Plus Cumulative <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Unpaid Dividends &#151; (54.9)%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(23,502,026)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares &#151; 100.0%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,815,117</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMBAC - AMBAC Financial Group, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FGIC - Financial Guaranty Insurance Company</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FSA - Financial Security Assurance, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">MBIA - Municipal Bond Insurance Association</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 46.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 17.8% of total investments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $8,092,039 or 18.9% of the Trust's net assets applicable to common shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;When-issued security.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover when-issued securities.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">31</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=23,FOLIO='31',FILE='06-14447-1.cc',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Pennsylvania Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Tax-Exempt Investments &#151; 154.8%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cogeneration &#151; 5.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">525</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Carbon County IDA, (Panther Creek Partners), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.65</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 5/1/10</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">555,403</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania EDA, (Northampton Generating), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/13</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">499,940</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania EDA, (Northampton Generating), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.60</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/19</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,915</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">675</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania EDA, (Resource Recovery-Colver), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/15</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">668,952</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,225,210</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Education &#151; 1.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Philadelphia HEFA, (Chestnut Hill College),<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 10/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">609,084</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">609,084</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Electric Utilities &#151; 3.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania EDA, (Reliant Energy, Inc.), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.75</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/36</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">638,886</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">York County IDA, Pollution Control, (Public Service <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Enterprise Group, Inc.), 5.50%, 9/1/20</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">631,428</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,270,314</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Escrowed / Prerefunded &#151; 5.5%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania HEFA, (Drexel University), Prerefunded to <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5/1/09, 6.00%, 5/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,593,435</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Philadelphia, IDA, (Franklin Institute), Escrowed to Maturity, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.20</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/15/26</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">615,654</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,209,089</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Health Care-Miscellaneous &#151; 5.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Allegheny County IDA, (Residential Resources, Inc.), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 9/1/21</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">628,980</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chester County HEFA, (Devereux Foundation), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 11/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,560,825</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,189,805</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital &#151; 11.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lancaster County Hospital Authority, 5.50%, 3/15/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">778,312</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lehigh County, General Purpose Authority, (Lehigh Valley <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Health Network), 5.25%, 7/1/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,288,650</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Monroe County Hospital Authority, (Pocono Medical Center), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/1/43</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">526,760</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital (continued)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">360</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Montgomery County Higher Education and Health Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Catholic Health East), 5.375%, 11/15/34</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">373,504</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">850</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania HEFA, (UPMC Health System), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 1/15/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">920,830</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">St. Mary Hospital Authority, (Catholic Health East), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.375%, 11/15/34</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">311,952</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Washington County Hospital Authority, (Monongahela <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Hospital), 5.50%, 6/1/17</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">525,235</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,725,243</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Housing &#151; 3.0%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania HFA, (AMT), 4.875%, 4/1/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,203,768</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,203,768</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Industrial Development Revenue &#151; 8.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Morgan IDA, (New Morgan Landfill), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.50</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 4/1/19</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">496,255</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania EDA, (Proctor &amp; Gamble Paper Products Co.), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMT), 5.375%, 3/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,086,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania EDA, Solid Waste Disposal, (Waste <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Management, Inc.), (AMT), 5.10%, 10/1/27</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">503,605</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,550</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Port Authority, (American Airlines), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.25</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/1/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,407,338</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,493,698</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Education &#151; 16.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lycoming County Authority, (Pennsylvania College of <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Technology), (AMBAC), 5.25%, 5/1/32</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,996,083</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Northampton County HEFA, (Lafayette College), (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 11/1/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,013,630</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania HEFA, (Bryn Mawr College), (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,038,820</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania HEFA, (State System Higher Education), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(FSA), 5.00%, 6/15/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,053,200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Industrial, Tourist, Educational, Medical and <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Environmental, Residual Certificates, (MBIA), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.615%, 7/1/33<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">630,810</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,732,543</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Electric Utilities &#151; 5.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">460</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lehigh County, IDA, Pollution Control, (FGIC), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.82%, 2/15/27<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">459,982</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, (FSA), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">8.28%, 7/1/29<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">693,744</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">835</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Electric Power Authority, DRIVERS, (FSA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Variable Rate, 8.28%, 7/1/29<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">965,460</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,119,186</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">32</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=24,FOLIO='32',FILE='06-14447-1.cc',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Pennsylvania Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Escrowed / Prerefunded &#151; 23.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Allegheny County Sanitation and Sewer Authority, (MBIA), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Prerefunded to 12/1/10, 5.50%, 12/1/24</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,075,490</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">650</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Berks County Municipal Authority, (Reading Hospital and <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Medical Center), (FSA), Prerefunded to 11/1/09, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 11/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">709,124</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">490</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dauphin County General Authority, (Pinnacle Health System), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), Prerefunded to 5/15/07, 5.50%, 5/15/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">503,372</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania HEFA, (Temple University), (MBIA), Escrowed <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">to Maturity, 5.00%, 4/1/29<sup>(3)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,044,580</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Turnpike Commission, Oil Franchise Tax, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), Escrowed to Maturity, 4.75%, 12/1/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,620,098</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportation Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), Prerefunded to 7/1/06, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.979%, 7/1/26<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">840,048</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">595</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), Prerefunded to 1/1/08, Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7.334%, 7/1/28<sup>(1)(2)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">647,324</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Westmoreland County Municipal Authority, (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Escrowed to Maturity, 0.00%, 8/15/19</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,095,580</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,535,616</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-General Obligations &#151; 11.3%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Butler Area School District, (FGIC), 0.00%, 9/15/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">338,460</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,410</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">McKeesport Area School District, (FSA), 0.00%, 10/1/34</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">344,421</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Philadelphia, (FSA), 5.00%, 3/15/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,037,780</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,146,930</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,295</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Reading School District, (FGIC), 0.00%, 1/15/30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">721,502</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,589,093</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Hospital &#151; 13.9%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">510</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dauphin County General Authority, (Pinnacle Health System), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(MBIA), 5.50%, 5/15/27</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">521,664</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Delaware County Authority, (Catholic Health East), (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4.875%, 11/15/26</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">504,070</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lehigh County General Purpose Authority, (Lehigh Valley <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Health Network), (MBIA), 5.25%, 7/1/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,558,245</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Montgomery County HEFA, (Abington Memorial Hospital), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), 5.00%, 6/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,040,110</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,624,089</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Special Tax Revenue &#151; 6.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pittsburgh and Allegheny County Public Auditorium Authority, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(AMBAC), 5.00%, 2/1/24</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,035,220</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Infrastructure Financing Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/36</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,403,520</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,438,740</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principal Amount<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Transportation &#151; 10.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Allegheny County Port Authority, (FGIC), 5.00%, 3/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,022,730</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">950</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Turnpike Commission, (FSA), Variable Rate, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">8.21%, 1/15/23<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,270,416</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,005</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,040,637</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Puerto Rico Highway and Transportaton Authority, RITES, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(CIFG) Variable Rate, 7.293%, 7/1/41<sup>(1)(2)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">757,800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,091,583</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insured-Water and Sewer &#151; 9.0%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Delaware County IDA, (Water Facilities), (FGIC), (AMT), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/1/29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">531,205</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Philadelphia Water and Wastewater, (FGIC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 11/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,023,360</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pittsburgh Water and Sewer Authority, (AMBAC), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.125</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 12/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,076,160</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,630,725</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Living / Life Care &#151; 9.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="245" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Bucks County IDA, (Pennswood), 6.00%, 10/1/27</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">630,210</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cliff House Trust (AMT), 6.625%, 6/1/27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">588,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Crawford County Hospital Authority, (Wesbury United <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Methodist Community), 6.25%, 8/15/29</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">513,020</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lancaster County Hospital Authority, (Health Center), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.875</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 6/1/31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">521,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">925</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Montgomery County HEFA, (Faulkeways at Gwynedd), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">6.75%, 11/15/30</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,018,314</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Montgomery County, IDA, (Foulkeways at Gwynedd), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00%, 12/1/24<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">200,016</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Montgomery County, IDA, (Foulkeways at Gwynedd), <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00%, 12/1/30<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">296,658</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,767,818</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transportation &#151; 5.5%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="245" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Delaware River Joint Toll Bridge Commission, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">5.00</font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, 7/1/28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,225,776</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">225</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">226,285</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">495</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">493,480</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">270</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania EDA, (Amtrak), (AMT), 6.25%, 11/1/31</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">289,030</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="234" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,234,571</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">33</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Pennsylvania Municipal Income Trust </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited) CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Tax-Exempt Investments &#151; 154.8%<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(identified cost $59,280,486)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">62,690,175</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Assets, Less Liabilities &#151; 0.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">316,917</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares Plus Cumulative <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Unpaid Dividends &#151; (55.6)%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="169" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(22,504,129)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares &#151; 100.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,502,963</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMBAC - AMBAC Financial Group, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">CIFG - CDC IXIS Financial Guaranty North America, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FGIC - Financial Guaranty Insurance Company</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">FSA - Financial Security Assurance, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">MBIA - Municipal Bond Insurance Association</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 61.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.2% to 24.6% of total investments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $7,412,514 or 18.3% of the Trust's net assets applicable to common shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Security (or a portion thereof) has been segregated to cover when-issued securities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;When-issued security.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">34</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Statements of Assets and Liabilities</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As of May 31, 2006</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investments &#151;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Identified cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">163,596,007</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">94,970,986</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">59,269,853</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">46,362,184</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,898,315</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,289,616</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,989,825</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,221,830</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investments, at value</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">171,494,322</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">99,260,602</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">62,259,678</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">49,584,014</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cash</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">529,954</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">538,863</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">162</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Receivable for investments sold</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">634,757</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Interest receivable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,204,115</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">944,167</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,023,721</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">686,034</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Receivable for daily variation margin on open financial futures contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">85,938</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">45,312</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,963</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,480</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Prepaid expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,235</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,235</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,236</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,507</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174,328,064</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">100,795,179</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">63,321,598</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">50,912,954</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Liabilities</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Payable for investments purchased</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">158,780</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Payable to affiliate for administration fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">28,946</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,037</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,710</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,294</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Payable for when-issued securities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,193,623</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,936,580</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Due to custodian</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,779</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Payable to affiliate for Trustees' fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,150</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">897</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">212</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">234</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Payable to affiliate for investment advisory fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">101,309</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">59,630</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">37,486</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">29,028</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Accrued expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">61,127</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">51,063</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">43,408</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">49,916</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,386,155</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">287,407</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">95,595</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,024,052</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction preferred shares at liquidation value plus cumulative unpaid dividends</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">59,020,028</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">35,500,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21,503,886</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,500,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">111,921,881</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">65,007,772</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,722,117</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,388,902</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sources of Net Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares, $0.01 par value, unlimited number of shares authorized</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">71,815</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,574</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">27,141</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21,163</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Additional paid-in capital</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">106,462,788</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">63,254,539</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,196,540</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,450,960</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Accumulated net realized loss (computed on the basis of identified cost)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(3,335,851)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(3,065,878)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,732,015)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(3,509,546)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Accumulated undistributed net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">650,954</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">395,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">208,238</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">194,072</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net unrealized appreciation (computed on the basis of identified cost)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,072,175</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,381,287</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,022,213</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,232,253</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">111,921,881</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">65,007,772</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,722,117</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,388,902</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,360</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,420</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">860</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares Outstanding</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,181,488</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,257,408</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,714,063</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,116,294</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Asset Value Per Common Share</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares &divide; common shares issued<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">and outstanding</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.58</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.27</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.37</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.83</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">35</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=27,FOLIO='35',FILE='06-14447-1.da',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Statements of Assets and Liabilities</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As of May 31, 2006</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="212" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investments &#151;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Identified cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">102,090,153</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">122,175,366</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">61,274,073</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">59,280,486</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,363,916</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,300,105</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,255,782</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,409,689</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investments, at value</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">107,454,069</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">127,475,471</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">65,529,855</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">62,690,175</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cash</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">596,574</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">60,678</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Receivable for investments sold</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">234,496</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">511,075</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,050</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Interest receivable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,783,478</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,788,245</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,082,031</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,047,322</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Receivable for daily variation margin on open financial futures contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">54,336</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,781</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">22,054</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Receivable for open interest rate swap contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">91,004</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Prepaid expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,235</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,356</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,235</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,507</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">110,129,188</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">129,397,531</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">67,151,250</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">63,841,058</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Liabilities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Payable to affiliate for administration fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">18,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21,830</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,223</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,656</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Payable for when-issued securities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,012,509</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">247,990</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">611,826</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">495,827</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Due to custodian</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">130,610</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">236,056</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Payable to affiliate for Trustees' fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">897</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">897</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">211</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">224</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Payable to affiliate for investment advisory fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">64,051</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">76,406</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">39,280</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">37,295</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Accrued expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">58,393</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,693</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,957</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">53,908</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,154,150</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">416,816</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">834,107</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">833,966</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction preferred shares at liquidation value plus cumulative unpaid dividends</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">38,006,662</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">44,521,939</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23,502,026</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">22,504,129</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,968,376</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">84,458,776</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,815,117</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,502,963</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sources of Net Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares, $0.01 par value, unlimited number of shares authorized</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">46,215</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">53,753</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">28,293</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">27,085</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Additional paid-in capital</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">68,598,221</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">79,783,608</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,034,343</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,248,830</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Accumulated net realized loss (computed on the basis of identified cost)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(4,457,975)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,233,797)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(3,788,928)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(3,488,324)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Accumulated undistributed net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">362,940</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">483,361</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">252,498</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">214,679</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net unrealized appreciation (computed on the basis of identified cost)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,418,975</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,371,851</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,288,911</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,500,693</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,968,376</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">84,458,776</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,815,117</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,502,963</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,520</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,780</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">940</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares Outstanding</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,621,485</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,375,346</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,829,304</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,708,462</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Asset Value Per Common Share</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares &divide; common shares issued<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">and outstanding</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.14</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.71</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.13</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.95</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">36</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=28,FOLIO='36',FILE='06-14447-1.da',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Statements of Operations</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">For the Six Months Ended May 31, 2006</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="152" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investment Income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Interest</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,474,449</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,696,733</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,656,295</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,325,998</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,474,449</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,696,733</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,656,295</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,325,998</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investment adviser fee</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">597,984</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">350,319</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">220,836</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">171,096</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Administration fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">170,907</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">100,091</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">63,096</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">48,885</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustees' fees and expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,364</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,620</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">620</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">636</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Legal and accounting services</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">19,922</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,299</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,864</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,703</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Printing and postage</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,561</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,151</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,491</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,640</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Custodian fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">59,138</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">28,309</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">18,853</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,578</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transfer and dividend disbursing agent fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">55,764</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">33,217</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23,828</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">18,925</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred shares remarketing agent fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">73,548</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">44,253</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26,801</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21,815</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miscellaneous</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,898</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,583</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14,409</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,452</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,003,086</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">596,842</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">387,798</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">314,730</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Deduct &#151;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Reduction of custodian fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,276</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,564</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,068</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,281</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total expense reductions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,276</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,564</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,068</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,281</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">986,810</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">592,278</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">383,730</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">312,449</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,487,639</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,104,455</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,272,565</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,013,549</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Realized and Unrealized Gain (Loss)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized gain</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investment transactions (identified cost basis)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,415,362</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">945,011</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">254,183</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">115,941</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Financial futures contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,838,143</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">799,336</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">805,827</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">169,706</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,253,505</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,744,347</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,060,010</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">285,647</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Change in unrealized appreciation (depreciation) &#151;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investments (identified cost basis)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,862,944)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,214,100)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(608,265)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(238,790)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Financial futures contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(12,046)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(17,394)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(68,320)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(15,095)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net change in unrealized appreciation (depreciation)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,874,990)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,231,494)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(676,585)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(253,885)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,378,515</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">512,853</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">383,425</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,762</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(809,957)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(533,466)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(308,092)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(259,637)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,056,197</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,083,842</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,347,898</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">785,674</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">37</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=29,FOLIO='37',FILE='06-14447-1.da',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Statements of Operations</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">For the Six Months Ended May 31, 2006</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="152" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investment Income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Interest</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,860,199</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,403,146</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,760,083</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,740,158</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,860,199</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,403,146</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,760,083</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,740,158</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investment adviser fee</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">378,033</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">451,662</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">231,020</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">220,060</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Administration fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">108,009</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">129,046</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">66,006</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">62,874</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustees' fees and expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,620</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,103</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">620</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">636</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Legal and accounting services</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,318</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">19,132</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,103</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,803</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Printing and postage</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,114</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,296</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,511</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,232</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Custodian fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">36,139</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">55,460</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">18,495</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">24,723</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transfer and dividend disbursing agent fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">36,941</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,483</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">24,231</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">22,204</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred shares remarketing agent fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">47,369</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">55,472</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">29,215</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">28,048</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Miscellaneous</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14,657</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,771</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,930</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,363</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">647,200</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">770,425</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">404,131</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">396,943</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Deduct &#151;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Reduction of custodian fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,044</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,374</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,045</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,765</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total expense reductions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,044</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,374</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,045</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,765</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">641,156</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">763,051</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">398,086</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">395,178</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,219,043</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,640,095</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,361,997</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,344,980</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Realized and Unrealized Gain (Loss)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized gain (loss) &#151;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investment transactions (identified cost basis)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">151,696</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">499,941</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(149,470)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">113,246</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Financial futures contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,390,621</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,330,532</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">732,735</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">333,798</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,542,317</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,830,473</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">583,265</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">447,044</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="526" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Change in unrealized appreciation (depreciation) &#151;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Investments (identified cost basis)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(740,365)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,309,030)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">89,411</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(248,587)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Financial futures contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(119,502)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(21,398)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(17,284)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(445)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Interest rate swap contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">91,004</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net change in unrealized appreciation (depreciation)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(859,867)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,330,428)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">72,127</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(158,028)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">682,450</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,045</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">655,392</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">289,016</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(553,521)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(634,133)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(354,160)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(353,098)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,347,972</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,506,007</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,663,229</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,280,898</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">38</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=30,FOLIO='38',FILE='06-14447-1.da',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Statements of Changes in Net Assets</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">For the Six Months Ended May 31, 2006</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="212" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Increase (Decrease) in Net Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From operations &#151;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,487,639</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,104,455</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,272,565</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,013,549</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized gain from investment transactions and financial<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">futures contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,253,505</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,744,347</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,060,010</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">285,647</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net change in unrealized appreciation (depreciation)<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">from investments and financial futures contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,874,990)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,231,494)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(676,585)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(253,885)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(809,957)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(533,466)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(308,092)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(259,637)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,056,197</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,083,842</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,347,898</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">785,674</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to common shareholders &#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2,894,240)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,577,370)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,069,977)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(754,105)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2,894,240)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,577,370)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,069,977)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(754,105)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Capital share transactions &#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Reinvestment of distributions to common shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">48,702</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets from capital transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">48,702</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,161,957</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">506,472</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">326,623</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,569</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common Shares</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At beginning of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">110,759,924</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">64,501,300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,395,494</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,357,333</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At end of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">111,921,881</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">65,007,772</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,722,117</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,388,902</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Accumulated undistributed<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">net investment income included in<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">net assets applicable to common shares</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At end of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">650,954</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">395,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">208,238</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">194,072</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">39</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=31,FOLIO='39',FILE='06-14447-1.da',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Statements of Changes in Net Assets</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">For the Six Months Ended May 31, 2006</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="212" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Increase (Decrease) in Net Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From operations &#151;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,219,043</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,640,095</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,361,997</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,344,980</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized gain (loss) from investment transactions and<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">financial futures contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,542,317</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,830,473</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">583,265</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">447,044</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net change in unrealized appreciation (depreciation) from investments,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">financial futures contracts and interest rate swap contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(859,867)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,330,428)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">72,127</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(158,028)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(553,521)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(634,133)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(354,160)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(353,098)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,347,972</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,506,007</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,663,229</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,280,898</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to common shareholders &#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,790,085)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2,241,519)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,041,212)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,049,054)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,790,085)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2,241,519)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,041,212)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,049,054)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Capital share transactions &#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Reinvestment of distributions to common shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">35,506</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">37,735</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets from capital transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">35,506</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">37,735</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">593,393</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">264,488</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">622,017</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">269,579</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common Shares</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At beginning of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,374,983</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">84,194,288</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,193,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,233,384</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At end of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,968,376</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">84,458,776</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,815,117</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,502,963</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Accumulated undistributed<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">net investment income included in<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">net assets applicable to common shares</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At end of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">362,940</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">483,361</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">252,498</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">214,679</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">40</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=32,FOLIO='40',FILE='06-14447-1.da',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Statements of Changes in Net Assets</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">For the Year Ended November 30, 2005</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="212" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Increase (Decrease) in Net Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From operations &#151;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,274,373</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,312,380</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,633,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,104,211</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized gain (loss) from investment transactions and financial<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">futures contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,019,988</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(241,899)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(26,706)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(248,298)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net change in unrealized appreciation (depreciation)<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">from investments and financial futures contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">782,433</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,014,453</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">644,728</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">256,848</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,102,773)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(754,098)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(392,797)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(363,695)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,974,021</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,330,836</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,858,475</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,749,066</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to common shareholders &#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(6,406,670)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(3,850,086)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2,386,249)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,845,027)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(6,406,670)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(3,850,086)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2,386,249)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,845,027)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Capital share transactions &#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Reinvestment of distributions to common shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">109,762</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">261,722</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">90,130</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets from capital transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">109,762</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">261,722</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">90,130</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase (decrease) in net assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,567,351</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">590,512</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">733,948</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5,831)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common Shares</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">108,192,573</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">63,910,788</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,661,546</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,363,164</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At end of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">110,759,924</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">64,501,300</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,395,494</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,357,333</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Accumulated undistributed<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">net investment income included in<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">net assets applicable to common shares</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At end of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">867,512</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">401,631</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">313,742</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">194,26</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">41</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=33,FOLIO='41',FILE='06-14447-1.da',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Statements of Changes in Net Assets</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">For the Year Ended November 30, 2005</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="212" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Increase (Decrease) in Net Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From operations &#151;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,683,176</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,743,713</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,836,869</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,718,721</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized gain (loss) from investment transactions and financial<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">futures contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,349,891</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">726,543</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(648,550)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(415,008)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net change in unrealized appreciation (depreciation) from investments and<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">financial futures contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(251,423)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">573,200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">495,857</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">690,441</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(781,913)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(873,271)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(495,350)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(487,092)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,999,731</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,170,185</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,188,826</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,507,062</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to common shareholders &#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(4,033,521)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5,260,606)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2,551,147)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2,562,431)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(4,033,521)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5,260,606)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2,551,147)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2,562,431)</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Capital share transactions &#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Reinvestment of distributions to common shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">110,426</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">240,734</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">111,872</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">265,890</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase in net assets from capital transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">110,426</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">240,734</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">111,872</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">265,890</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase (decrease) in net assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,076,636</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,150,313</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(250,449)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">210,521</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets Applicable to Common Shares</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">68,298,347</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">83,043,975</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,443,549</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,022,863</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At end of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,374,983</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">84,194,288</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,193,100</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,233,384</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="586" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Accumulated undistributed<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">net investment income included in<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">net assets applicable to common shares</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">At end of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">487,503</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">718,918</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">285,873</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">271,851</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">42</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; Beginning of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.420</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.070</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.320</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.590</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.410</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.210</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Income (loss) from operations</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.486</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.013</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.079</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.079</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.069</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.035</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.190</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.383</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.227)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.682</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.155</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.120</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.113)</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.154)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.079)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.068)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.110)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.222)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total income from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.563</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.242</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.773</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.693</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.114</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.933</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Less distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.403)</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.892)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.023)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.963)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.934)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.733)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.403)</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.892)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.023)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.963)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.934)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.733)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; End of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.580</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.420</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.070</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.320</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.590</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.410</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Market value &#151; End of period (Common shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.000</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.650</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.160</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.950</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.660</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.320</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Return</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12.95</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(4.34)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8.60</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17.06</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.84</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">29.65</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">43</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=35,FOLIO='43',FILE='06-14447-1.ea',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios/Supplemental Data</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares, end of period (000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">111,922</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">110,760</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">108,193</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">109,991</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">104,703</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">102,664</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average net assets applicable to common shares):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.79</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.78</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.78</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.78</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.82</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.83</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.76</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.76</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.77</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.78</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.80</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.76</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.23</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.52</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.10</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.17</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.44</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.32</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio Turnover</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">47</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#134;&nbsp;&nbsp;The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average total net assets):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.16</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.15</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.15</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.16</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.15</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.16</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.15</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.15</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.15</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.15</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.11</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.08</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.26</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.61</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.64</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.73</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.62</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Securities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total preferred shares outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,360</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,360</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,360</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,360</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,360</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,360</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per preferred share<sup>(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">72,433</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">71,942</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,849</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">71,608</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,366</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">68,507</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Involuntary liquidation preference per preferred share<sup>(7)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Approximate market value per preferred share<sup>(7)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Computed using average common shares outstanding.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.012, decrease net realized and unrealized gains per share by $0.012, increase the ratio of net investment income to average net assets applicable to common shares from 7.36% to 7.44%, and increase the ratio of net investment income to average total net assets from 4.68% to 4.73%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Annualized.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Plus accumulated and unpaid dividends.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">44</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=36,FOLIO='44',FILE='06-14447-1.ea',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; Beginning of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.150</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.040</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.530</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.730</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.340</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.070</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Income (loss) from operations</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.494</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.013</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.082</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.096</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.103</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.056</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.122</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.179</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.450)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.775</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.358</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.162</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.125)</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.177)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.087)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.076)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.118)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.243)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total income from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.491</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.015</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.545</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.795</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.343</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.975</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Less distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.371)</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.905)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.035)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.995)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.953)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.705)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.371)</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.905)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.035)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.995)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.953)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.705)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; End of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.270</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.150</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.040</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.530</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.730</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.340</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Market value &#151; End of period (Common shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.490</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.180</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.250</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.455</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.400</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.380</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Return</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2.36)</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.25)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5.76</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.67</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.18</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">34.91</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">45</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=37,FOLIO='45',FILE='06-14447-1.ea',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios/Supplemental Data</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares, end of period (000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">65,008</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">64,501</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">63,911</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">65,902</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">62,302</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">60,646</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average net assets applicable to common shares):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.84</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.86</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.84</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.83</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.87</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.90</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.83</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.85</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.83</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.82</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.86</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.82</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.50</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.65</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.09</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.20</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.61</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.46</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio Turnover</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">24</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup>&nbsp;&nbsp;The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average total net assets):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.20</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.14</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.20</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.30</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.58</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.64</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.82</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.68</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Securities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total preferred shares outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,420</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,420</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,420</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,420</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,420</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,420</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per preferred share<sup>(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,780</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,423</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,011</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">71,412</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">68,878</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">67,695</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Involuntary liquidation preference per preferred share<sup>(7)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Approximate market value per preferred share<sup>(7)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Computed using average common shares outstanding.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.002, decrease net realized and unrealized gains per share by $0.002, increase the ratio of net investment income to average net assets applicable to common shares from 7.60% to 7.61%, and increase the ratio of net investment income to average total net assets from 4.81% to 4.82%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Annualized.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Plus accumulated and unpaid dividends.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">46</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=38,FOLIO='46',FILE='06-14447-1.ea',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; Beginning of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.270</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.090</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.380</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.350</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.110</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12.530</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Income (loss) from operations</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.469</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.973</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.054</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.091</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.065</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.044</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.140</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.234</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.251)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.982</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.218</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.486</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.114)</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.145)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.070)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.070)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.106)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.227)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total income from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.495</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.062</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.733</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.003</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.177</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.303</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Less distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.395)</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.882)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.023)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.973)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.937)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.723)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.395)</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.882)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.023)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.973)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.937)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.723)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; End of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.370</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.270</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.090</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.380</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.350</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.110</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Market value &#151; End of period (Common shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.500</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.800</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16.810</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.400</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.510</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.370</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Return</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.48</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(6.89)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16.71</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5.91</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.16</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40.54</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">47</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=39,FOLIO='47',FILE='06-14447-1.ea',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios/Supplemental Data</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares, end of period (000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,722</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,395</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,662</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,035</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">37,795</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">36,634</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average net assets applicable to common shares):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.86</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.88</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.87</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.86</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.97</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.97</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.84</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.87</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.86</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.86</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.94</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.88</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.11</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.29</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.97</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.27</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.55</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.60</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio Turnover</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">39</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup>&nbsp;&nbsp;The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average total net assets):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.23</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.24</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.21</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.24</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.23</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.24</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.21</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.17</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.03</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.15</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.55</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.72</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.77</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.74</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Securities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total preferred shares outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">860</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">860</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">860</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">860</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">860</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">860</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per preferred share<sup>(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">73,519</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">73,138</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">72,281</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">72,719</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">68,951</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">67,602</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Involuntary liquidation preference per preferred share<sup>(7)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Approximate market value per preferred share<sup>(7)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Computed using average common shares outstanding.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.005, decrease net realized and unrealized gains per share by $0.005, increase the ratio of net investment income to average net assets applicable to common shares from 7.51% to 7.55%, and increase the ratio of net investment income to average total net assets from 4.75% to 4.77%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Annualized.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Plus accumulated and unpaid dividends.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">48</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=40,FOLIO='48',FILE='06-14447-1.ea',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; Beginning of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.820</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.860</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.240</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.400</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.490</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.060</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Income (loss) from operations</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.479</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.995</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.072</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.092</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.085</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.045</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.010</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.010</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.334)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.802</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.109)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.317</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.123)</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.172)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.086)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.072)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.113)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.242)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total income from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.366</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.833</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.652</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.822</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.863</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.120</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Less distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.356)</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.873)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.032)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.982)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.953)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.690)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.356)</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.873)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.032)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.982)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.953)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.690)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; End of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.830</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.820</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.860</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.240</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.400</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.490</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Market value &#151; End of period (Common shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.640</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.500</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16.600</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.635</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.940</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Return</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.65</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(13.87)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.63</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">19.82</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.72</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31.69</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">49</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=41,FOLIO='49',FILE='06-14447-1.ea',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios/Supplemental Data</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares, end of period (000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,389</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,357</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,363</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31,963</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">30,064</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">30,213</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average net assets applicable to common shares):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.00</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.00</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.96</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.97</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.00</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.99</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.99</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.99</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.96</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.97</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.99</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.90</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.45</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.60</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.16</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.31</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.54</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.36</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio Turnover</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">33</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup>&nbsp;&nbsp;The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average total net assets):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.29</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.29</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.26</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.26</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.27</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.25</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.28</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.28</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.26</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.26</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.26</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.15</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.26</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.60</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.69</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.76</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.63</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Securities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total preferred shares outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per preferred share<sup>(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,841</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,796</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,810</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,664</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">67,952</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">68,163</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Involuntary liquidation preference per preferred share<sup>(7)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Approximate market value per preferred share<sup>(7)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Computed using average common shares outstanding.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.005, increase net realized and unrealized losses per share by $0.005, increase the ratio of net investment income to average net assets applicable to common shares from 7.51% to 7.54% and increase the ratio of net investment income to average total net assets from 4.74% to 4.76%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Annualized.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Plus accumulated and unpaid dividends.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">50</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; Beginning of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.020</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.810</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.190</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.060</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.880</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12.680</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Income (loss) from operations</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.480</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.014</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.082</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.120</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.098</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.057</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.148</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.238</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.313)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.099</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.163</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.089</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.120)</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.169)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.081)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.071)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.105)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.234)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total income from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.508</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.083</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.688</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.148</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.156</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.912</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Less distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.388)</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.873)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.068)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.018)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.976)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.712)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.388)</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.873)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.068)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.018)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.976)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.712)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; End of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.140</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.020</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.810</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.190</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.060</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.880</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Market value &#151; End of period (Common shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.100</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.030</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.540</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.415</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.400</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.340</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Return</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10.46</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(4.22)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8.31</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.75</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.70</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31.34</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">51</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=43,FOLIO='51',FILE='06-14447-1.ec',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios/Supplemental Data</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares, end of period (000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,968</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,375</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">68,298</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,500</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">63,803</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">62,237</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average net assets applicable to common shares):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.85</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.86</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.85</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.84</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.89</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.95</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.83</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.84</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.84</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.84</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.88</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.90</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.33</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.66</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.28</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.64</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.80</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.64</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio Turnover</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">46</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">52</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">28</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">35</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><sup>&#134;</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average total net assets):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.20</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.21</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.21</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.11</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.33</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.68</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.87</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.88</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.74</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Securities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total preferred shares outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,520</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,520</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,520</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,520</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,520</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,520</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per preferred share<sup>(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">71,036</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,651</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,935</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,724</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">66,976</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">65,951</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Involuntary liquidation preference per preferred share<sup>(7)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Approximate market value per preferred share<sup>(7)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Computed using average common shares outstanding.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.003, decrease net realized and unrealized gains per share by $0.003, increase the ratio of net investment income to average net assets applicable to common shares from 7.78% to 7.80% and increase the ratio of net investment income to average total net assets from 4.87% to 4.88%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Annualized</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Calculated by substracting the Trust's liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Plus accumulated and unpaid dividends.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">52</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=44,FOLIO='52',FILE='06-14447-1.ec',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; Beginning of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.660</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.490</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.810</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.860</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.280</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.020</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Income (loss) from operations</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.491</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.070</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.126</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.108</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.114</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.057</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.094</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.243</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.332)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.936</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.553</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.150</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.118)</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.163)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.074)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.068)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.103)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.220)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total income from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.467</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.150</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.720</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.976</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.564</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.987</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Less distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.417)</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.980)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.040)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.026)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.984)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.727)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.417)</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.980)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.040)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.026)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.984)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.727)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; End of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.710</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.660</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.490</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.810</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.860</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.280</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Market value &#151; End of period (Common shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.200</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.990</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.370</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.460</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.990</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.050</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Return</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.20</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.81</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.46</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">18.34</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.56</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">38.30</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">53</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=45,FOLIO='53',FILE='06-14447-1.ec',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios/Supplemental Data</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares, end of period (000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">84,459</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">84,194</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">83,044</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">84,744</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">79,589</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">75,658</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average net assets applicable to common shares):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.82</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.81</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.78</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.77</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.86</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.88</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.80</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.80</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.78</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.77</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.86</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.86</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.24</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.72</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.23</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.21</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.64</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.45</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio Turnover</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">27</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">31</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">19</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><sup>&#134;</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average total net assets):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.16</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.15</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.19</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.16</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.15</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.17</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.09</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.42</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.71</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.68</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.84</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.68</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Securities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total preferred shares outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,780</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,780</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,780</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,780</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,780</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,780</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per preferred share<sup>(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">72,461</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">72,311</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">71,659</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">72,603</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,714</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">67,506</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Involuntary liquidation preference per preferred share<sup>(7)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Approximate market value per preferred share<sup>(7)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Computed using average common shares outstanding.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.002, decrease net realized and unrealized gains per share by $0.002, increase the ratio of net investment income to average net assets applicable to common shares from 7.62% to 7.64% and increase the ratio of net investment income to average total net assets from 4.83% to 4.84%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Annualized.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Plus accumulated and unpaid dividends.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">54</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=46,FOLIO='54',FILE='06-14447-1.ec',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; Beginning of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.910</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.040</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.070</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.150</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.070</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12.820</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Income (loss) from operations</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.481</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.003</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.081</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.083</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.107</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.068</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.232</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.055)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.011)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.913</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.036</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.134</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.125)</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.175)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.091)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.077)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.109)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.242)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total income from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.588</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.773</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.979</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.919</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.034</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.960</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Less distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.368)</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.903)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.009)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.999)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.954)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.710)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.368)</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.903)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.009)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.999)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.954)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.710)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; End of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.130</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.910</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.040</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.070</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.150</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.070</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Market value &#151; End of period (Common shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.450</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.170</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16.750</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.715</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.730</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.620</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Return</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.57</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(10.31)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.96</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.12</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.59</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26.39</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">55</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=47,FOLIO='55',FILE='06-14447-1.ec',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios/Supplemental Data</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares, end of period (000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,815</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,193</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,444</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,304</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">39,507</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">39,072</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average net assets applicable to common shares):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.90</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.91</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.91</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.90</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.96</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.99</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.87</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.90</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.90</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.88</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.87</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.90</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.40</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.57</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.23</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.37</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.84</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.69</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio Turnover</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><sup>&#134;</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average total net assets):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.24</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.23</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.21</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.23</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.24</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.21</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.23</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.20</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.17</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.18</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.13</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.25</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.64</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.69</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.91</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.78</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Securities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total preferred shares outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">940</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">940</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">940</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">940</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">940</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">940</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per preferred share<sup>(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,550</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,888</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,153</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,007</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">67,032</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">66,569</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Involuntary liquidation preference per preferred share<sup>(7)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Approximate market value per preferred share<sup>(7)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Computed using average common shares outstanding.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.005, decrease net realized and unrealized gains per share by $0.005, increase the ratio of net investment income to average net assets applicable to common shares from 7.80% to 7.84% and increase the ratio of net investment income to average total net assets from 4.88% to 4.91%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Annualized.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Plus accumulated and unpaid dividends.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">56</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=48,FOLIO='56',FILE='06-14447-1.ec',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; Beginning of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.870</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.890</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.210</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.260</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.160</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12.960</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Income (loss) from operations</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.497</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.008</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.076</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.089</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.059</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.015</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.101</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.103</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.301)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.884</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.039</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.107</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to preferred shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.130)</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.181)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.092)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.080)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.111)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.244)</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total income from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.468</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.930</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.683</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.893</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.987</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.878</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Less distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.388)</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.950)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.003)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.943)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.887)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.678)</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.388)</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.950)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1.003)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.943)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.887)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.678)</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value &#151; End of period (Common shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.950</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.870</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.890</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.210</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.260</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.160</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Market value &#151; End of period (Common shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.450</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14.660</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.540</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15.980</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.960</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12.750</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Return</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.12</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.39</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.07</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">22.05</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16.77</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26.88</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">57</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=49,FOLIO='57',FILE='06-14447-1.ec',USER='jferrel',CD='Jul 25 10:58 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Selected data for a common share outstanding during the periods stated</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="528" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="410" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended November 30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2005</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)(2)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios/Supplemental Data</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>&#134;</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets applicable to common shares, end of period (000's omitted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,503</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,233</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,023</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,670</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">38,027</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">37,723</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average net assets applicable to common shares):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.96</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.97</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.91</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.92</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.95</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.97</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction<sup>(4)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.95</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.95</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.91</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.92</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.95</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.94</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income<sup>(4)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.65</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.69</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.18</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.35</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.48</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.26</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio Turnover</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">28</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">20</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">34</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><sup>&#134;</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios (As a percentage of average total net assets):</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.26</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.27</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.23</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.23</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.23</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses after custodian fee reduction</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.25</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.26</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.23</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.20</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.28</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%<sup>(5)</sup></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.30</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.61</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.69</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.68</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.53</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="720" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Securities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total preferred shares outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per preferred share<sup>(6)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,008</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,708</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,471</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,193</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">67,257</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">66,920</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Involuntary liquidation preference per preferred share<sup>(7)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="192" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Approximate market value per preferred share<sup>(7)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Computed using average common shares outstanding.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums of fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.003, decrease net realized and unrealized gains per share by $0.003, increase the ratio of net investment income to average net assets applicable to common shares from 7.45% to 7.48% and increase the ratio of net investment income to average total net assets from 4.67% to 4.68%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Annualized.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Plus accumulated and unpaid dividends.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1">See notes to financial statements</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">58</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">1</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Significant Accounting Policies</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Florida Municipal Income Trust (Florida Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust), and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust), (individually referred to as the Trust or collectively the Trusts) are registered under the Investment Company Act of 1940, as amended, as non-diversified, closed-end management investment companies. The Trusts were organized under the laws of the Commonwealth of Massachusetts by an Agreement and Declaration of Trust dated December 10, 1998. Each Trust's investment objective is to provide current income exempt from regular
 federal income taxes and taxes in its specified state. Each Trust seeks to achieve its objective by investing primarily in investment grade municipal obligations issued by its specified state.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">A</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1">Investment Valuation &#151; </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Municipal bonds and taxable obligations, if any, are normally valued on the basis of valuations furnished by a pricing service. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued at closing settlement prices. Over-the-counter options on financial futures contracts are normally valued at the mean between the latest bid and asked prices. Interest rate swaps are normally valued on the basis of valuations furnished by a pricing service. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates value. Investments for which valuations or market quotations are unavailable, and 
investments for which the price of the security is not believed to represent its fair market value, are valued at fair value using methods determined in good faith by or at the direction of the Trustees.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">B</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1">Income &#151; </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">C</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1">Federal Taxes &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> 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. Accordingly, no provision for federal income or excise tax is necessary. At November 30, 2005, the Trusts, for federal income tax purposes, had capital loss carryovers which will reduce each Trust's 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 b
e necessary to relieve the Trusts of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryovers are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="52" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Amount</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="64" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expires</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,466,091</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,239,451</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2008</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">995,999</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2012</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,207,714</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,777,536</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2008</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">160,909</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2009</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,495,013</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2012</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">114,338</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2013</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">574,842</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,739,252</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2008</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">39,627</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2009</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">343,176</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2010</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,193,621</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">624,509</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2008</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">165,469</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2009</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">475,985</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2010</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">443,883</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2011</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">697,198</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2012</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">224,050</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2013</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,224,594</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,178,038</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2008</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">262,308</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2009</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">177,350</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2011</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,002,537</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,920,646</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2008</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">70,059</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2009</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,531,618</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">643,577</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2008</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">850,745</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2009</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">764,355</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2012</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">588,403</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2013</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">59</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=51,FOLIO='59',FILE='06-14447-1.fa',USER='dfairho',CD='Jul 25 12:21 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="52" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Amount</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="64" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expires</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,395,577</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">807,118</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2008</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">844,973</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2009</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,331</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2010</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">502,868</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2012</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="52" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="top">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">389,289</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="64" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2013</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In addition, each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income taxes when received by each Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item for investors.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">D</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Financial Futures Contracts &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> 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 cont
racts and may realize a loss.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">E</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Options on Financial Futures Contracts &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> 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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">F</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;When-Issued and Delayed Delivery Transactions &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trusts may engage in when-issued and delayed delivery transactions. The Trusts record when-issued securities on trade date and maintain security positions such that sufficient liquid assets will be available </font><font face="Times New Roman PS, Times New Roman, Times" size="1">to make payments for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on settlement date.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">G</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Interest Rate Swaps &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Each Trust may enter into interest rate swap agreements to enhance return, to hedge against fluctuations in securities prices or interest rates, or as substitution for the purchase or sale of securities. Pursuant to these agreements, the Trust makes bi-annual payments at a fixed interest rate. In exchange, the Trust receives payments based on the interest rate of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. The value of the swap is determined by changes in the relationship between two rates of interest. The Trust is exposed to credit loss in the event of non-performance by the swap counterparty. However, the Trust does not anti
cipate non-performance by the counterparty. Risk may also arise from the unanticipated movements in value of interest rates.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">H</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Legal Fees &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Legal fees and other related expenses incurred as part of negotiations of the terms and requirements of capital infusions, or that are expected to result in the restructuring of or a plan of reorganization for an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">I</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Expense Reduction &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Investors Bank &amp; 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 balance each Trust maintains with IBT. All credit balances used to reduce the Trusts' custodian fees are reported as a reduction of total expenses in the Statements of Operations.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">J</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Use of Estimates &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The preparation of the 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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">K</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Indemnifications &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Under each Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">60</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">out of the performance of their duties to each Trust and shareholders are indemnified against personal liability for the obligations of each Trust. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">L</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Other &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Investment transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses on securities sold are determined on the basis of identified cost.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">M</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Interim Financial Statements &#151;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The interim financial statements relating to May 31, 2006 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trusts' management reflects all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Auction Preferred Shares (APS)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Auction Preferred Shares issued and outstanding as of May 31, 2006 and dividend rate ranges for the six months ended May 31, 2006 are as indicated below:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="52" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Issued and Outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="57" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dividends Rate<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Ranges</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,360</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="57" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.18% &#150; 3.60%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="75" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,420</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="57" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.70% &#150; 3.70%</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">860</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="57" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.20% &#150; 4.35%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="75" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">700</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="57" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.787% &#150; 3.70%</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,520</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="57" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.44% &#150; 4.35%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="75" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,780</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="57" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.35% &#150; 3.60%</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">940</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="57" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.74% &#150; 3.65%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="75" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="57" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.84% &#150; 3.75%</font></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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 </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">3</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Distributions to Shareholders</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Each Trust intends to make monthly distributions of net investment income, after payment of any dividends on any outstanding APS. Distributions are recorded on the ex-dividend date. Distributions of realized capital gains, if any, are made at least annually. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. Each dividend payment period for the Auction Preferred Shares is generally seven days. The applicable dividend rate for Auction Preferred Shares on May 31, 2006 are listed below. For the six months ended May 31, 2006, the amount of dividends each Trust paid to Auction Preferred shareholders and average APS dividend rates for such period were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="52" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">APS<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Dividend Rates<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">as of<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dividends Paid<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">to Preferred <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shareholders<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">for the six <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">months ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Average APS<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Dividend <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Rates for the <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">six months <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.098</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">809,957</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.75</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.40</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">533,466</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="50" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.01</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.30</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">308,092</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.87</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.25</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">259,637</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="50" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.98</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.20</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">553,521</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.92</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.00</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">634,133</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="50" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.86</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.15</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">354,160</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.02</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.35</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">353,098</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="50" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.16</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">61</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=53,FOLIO='61',FILE='06-14447-1.fa',USER='dfairho',CD='Jul 25 12:21 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trusts distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid in capital.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">4</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Investment Adviser Fee and Other Transactions with Affiliates</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The investment adviser fee, computed at an annual rate of 0.70% of each Trust's average weekly gross assets, was earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. Except for Trustees of each Trust who are not members of EVM's organization, officers and Trustees receive remuneration for their services to each Trust out of such investment adviser fee. For the six months ended May 31, 2006, the fee was equivalent to 0.70% of each Trust's average weekly gross assets and amounted to $597,984, $350,319, $220,836, $171,096, $378,033, $451,662, $231,020 and $220,060, 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 Tr
ust is paid to EVM for administering business affairs of each Trust. For the six months ended May 31, 2006, the administrative fee amounted to $170,907, $100,091, $63,096, $48,885, $108,009, $129,046, $66,006 and $62,874 for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Certain officers and Trustees of each Trust are officers of the above organization.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">5</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Investments</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Purchases and sales of investments, other than U.S. Government securities and short-term obligations, for the six months ended May 31, 2006 were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Purchases</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,868,721</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">39,215,855</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Purchases</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23,429,788</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,549,151</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Purchases</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,522,930</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,931,184</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Purchases</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,684,027</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,692,326</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Purchases</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,376,588</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,566,027</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Purchases</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">34,888,257</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">33,934,941</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Purchases</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,590,957</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,168,140</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Purchases</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14,216,772</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,022,700</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">6</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Federal Income Tax Basis of Unrealized Appreciation (Depreciation)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The cost and unrealized appreciation (depreciation) in value of the investments owned by each Trust at May 31, 2006, as determined on a federal income tax basis, were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="89" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Aggregate cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">163,256,529</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,821,203</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(583,410)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,237,793</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Aggregate cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">94,924,989</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,560,569</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(224,956)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,335,613</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">62</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=54,FOLIO='62',FILE='06-14447-1.fa',USER='dfairho',CD='Jul 25 12:21 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="89" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Aggregate cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">59,239,127</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,199,889</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(179,338)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,020,551</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Aggregate cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">46,302,528</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,375,525</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(94,039)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,281,486</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Aggregate cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">102,069,629</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,796,626</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(412,186)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,384,440</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Aggregate cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">122,149,902</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,295,703</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(970,134)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,325,569</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Aggregate cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">61,206,558</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,382,086</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(58,789)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,323,297</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Aggregate cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">59,227,066</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,763,208</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross unrealized depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(300,099)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="89" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,463,109</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">7</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Shares of Beneficial Interest</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Each Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional $0.01 par value common shares of beneficial interest. Transactions in common shares were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="167" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2005</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Shares issued pursuant to the <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust's dividend reinvestment plan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,185</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,185</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="167" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2005</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Shares issued pursuant to the <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust's dividend reinvestment plan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,132</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,386</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,132</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,386</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="167" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2005</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Shares issued pursuant to the <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust's dividend reinvestment plan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,779</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,779</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="167" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2005</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Shares issued pursuant to the <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust's dividend reinvestment plan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,349</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,346</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,349</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,346</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="167" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2005</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Shares issued pursuant to the <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust's dividend reinvestment plan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,026</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,026</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">63</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=55,FOLIO='63',FILE='06-14447-1.fa',USER='dfairho',CD='Jul 25 12:21 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">CONT'D</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="167" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2005</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Shares issued pursuant to the <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust's dividend reinvestment plan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,120</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,120</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="167" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Trust</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Six Months Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">May 31, 2006<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Year Ended<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">November 30, 2005</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Shares issued pursuant to the <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust's dividend reinvestment plan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,527</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,414</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net increase</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,527</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,414</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext 1pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust did not have any transactions in common shares for the six months ended May 31, 2006 and the year ended November 30, 2005.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">8</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Financial Instruments</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trusts regularly trade in financial instruments with off-balance sheet risk in the normal course of their 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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">A summary of obligations under these financial instruments at May 31, 2006 is as follows:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Futures Contracts</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="47" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="39" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expiration<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Date(s)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="33" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Position</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Aggregate<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Cost</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Unrealized<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Appreciation</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="47" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="39" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">09</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">275 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">U.S. Treasury Bond</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="33" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Short</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(29,384,016)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(29,210,156)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">173,860</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="47" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="39" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">09</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">145 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">U.S. Treasury Bond</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="33" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Short</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="18" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(15,493,390)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="18" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(15,401,719)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="18" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="43" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">91,671</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="47" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="39" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">09</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">100 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">U.S. Treasury Bond</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="33" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Short</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(10,654,263)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(10,621,875)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">32,388</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="47" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="39" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expiration<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Date(s)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="33" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Position</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Aggregate<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Cost</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Unrealized<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Appreciation</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="47" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="39" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">09</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">U.S. Treasury Bond</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="33" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Short</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(640,194)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(637,313)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,881</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="47" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="39" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">09</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">U.S. Treasury Note</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="33" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Short</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="18" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,266,605)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="18" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,259,063)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="18" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="43" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,542</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="47" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="39" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">09</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">170 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">U.S. Treasury Bond</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="33" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Short</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(18,112,247)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(18,057,188)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">55,059</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="47" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="39" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">09</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">227 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">U.S. Treasury Bond</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="33" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Short</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="18" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(24,183,402)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="18" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(24,111,656)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="18" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="43" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">71,746</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="47" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="39" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">09</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">U.S. Treasury Bond</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="33" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Short</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(7,362,223)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(7,329,094)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">33,129</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">At May 31, 2006, the Pennsylvania Trust had entered into an interest rate swap agreement with JPMorgan Chase Bank, N.A. whereby the Pennsylvania Trust makes bi-annual payments at a fixed rate equal to 5.77% on the notional amount of $10,000,000. In exchange, the Pennsylvania Trust receives quarterly payments at a rate equal to the three month USD-LIBOR on the same notional amount. The effective date of the interest rate swap is February 26, 2007. The value of the contract, which terminates February 26, 2037, is recorded as a receivable for open swap contracts of $91,004 on May 31, 2006.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">At May 31, 2006, the Trusts had sufficient cash and/or securities to cover margin requirements on these contracts.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">9</font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Overdraft Advances</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Pursuant to the custodian agreement between the Trusts and IBT, IBT may in its discretion advance funds to the Trusts to make properly authorized payments. When such payments result in an overdraft by the Trusts, the Trusts are obligated to repay IBT at the current rate of interest charged by IBT for secured loans (currently, a rate above the Federal Funds rate). This obligation is payable on demand to IBT. IBT has a lien on the Trust's assets to the extent of any overdraft. At May 31, 2006, Massachusetts Trust, Ohio Trust and Pennsylvania Trust had payments due to IBT pursuant to the foregoing arrangement of $3,779, $130,610 and $236,056 respectively.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">64</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=56,FOLIO='64',FILE='06-14447-1.fa',USER='dfairho',CD='Jul 25 12:21 2006' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font><font face="Times New Roman PS, Times New Roman, Times" size="2">as of May 31, 2006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">OTHER MATTERS </font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Unaudited)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Each Trust held its Annual Meeting of Shareholders on March 24, 2006. The following action was taken by the shareholders of each Trust:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Item 1:</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;The election of Benjamin C. Esty, Ronald A. Pearlman, Lynn A. Stout and Ralph F. Verni as Class I Trustees of the Trust for a three-year term expiring in 2009.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="38" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Nominee for<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Class I Trustee<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Elected by All<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shareholders:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Benjamin C. Esty</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Nominee for<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Class I Trustee<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Elected by All<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shareholders:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Ronald A. Pearlman</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Nominee for<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Class I Trustee<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Elected by All<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shareholders:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Lynn A. Stout</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt; padding:0in 0in 0in 0in;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Nominee for<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Class I Trustee<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Elected by All<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shareholders:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Ralph F. Verni</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="354" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">For</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,960,741</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,962,257</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,961,501</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,959,257</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Withheld</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">81,416</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">79,900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">80,656</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">82,900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="354" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">For</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,667,884</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,677,551</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,677,884</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,677,884</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Withheld</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,835</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,168</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,835</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,835</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="354" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">For</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,265,645</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,260,172</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,263,272</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,264,582</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Withheld</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21,655</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">27,128</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">24,028</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">22,718</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="354" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">For</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,916,370</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,916,371</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,915,371</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,916,371</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Withheld</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,376</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,376</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">41,376</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,376</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="354" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">For</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,048,227</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,052,251</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,054,824</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,054,739</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Withheld</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">42,621</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">38,597</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">36,024</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">36,109</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="354" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">For</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,729,015</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,726,565</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,714,865</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,731,065</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Withheld</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">45,708</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">48,158</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">59,858</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">43,658</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="354" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">For</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,331,652</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,331,852</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,331,852</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,331,264</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Withheld</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">24,542</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">24,342</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">24,342</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">24,930</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="354" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">For</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,574,045</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,569,005</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,574,845</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,574,845</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Withheld</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="58" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,437</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21,477</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,637</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,637</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">65</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=57,FOLIO='65',FILE='06-14447-1.fa',USER='dfairho',CD='Jul 25 12:21 2006' -->
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<!-- Document name: 06-14447-1.ha-->
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">DIVIDEND REINVESTMENT PLAN</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc., at 1-800-331-1710.</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Please print exact name on account</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Shareholder signature&nbsp;&nbsp;Date</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Shareholder signature&nbsp;&nbsp;Date</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>This authorization form, when signed, should be mailed to the following address:</i></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Eaton Vance Municipal Income Trusts<BR>c/o PFPC Inc.<BR>P.O. Box 43027<BR>Providence, RI 02940-3027<BR>800-331-1710</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of Employees</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of Shareholders</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As of May 31, 2006, our records indicate that there are 60, 35, 57, 26, 70, 57, 49 and 66 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 7,700, 1,800, 1,200, 1,100, 2,100, 2,300, 1,500 and 1,400 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;Eaton Vance Distributors, Inc.<BR>The Eaton Vance Building<BR>255 State Street<BR>Boston, MA 02109<BR>1-800-225-6265</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>American Stock Exchange symbols</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CEV</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Florida Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">FEV</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Massachusetts Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">MMV</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michigan Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EMI</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Jersey Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EVJ</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New York Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EVY</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ohio Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EVO</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Pennsylvania Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EVP</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p>&nbsp;</p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overview of the Contract Review Process</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund ("Independent Trustees") cast in person at a meeting called for the purpose of considering such approval.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance group of mutual funds (the "Eaton Vance Funds") held on March 27, 2006, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Special Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Special Committee reviewed information furnished for a series of meetings of the Special Committee held in February and March 2006. Such information included, among other things, the following:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>Information about Fees, Performance and Expenses</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;An independent report comparing each fund's total expense ratio and its components to comparable funds;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Profitability analyses for each adviser with respect to each fund managed by it;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>Information about Portfolio Management</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through "soft dollar" benefits received in connection with the funds' brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Data relating to portfolio turnover rates of each fund;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>Information about each Adviser</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Reports detailing the financial results and condition of each adviser;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>Other Relevant Information</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds' administrator; and</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;The terms of each advisory agreement.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">68</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub> CONT'D</sub></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In addition to the information identified above, the Special Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve month period ended March 31, 2006, the Board met nine times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met eight, twelve and five times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund's investment objective.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund's investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Special Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Special Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Special Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Results of the Process</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Special Committee concluded that the continuance of the investment advisory agreements of the following funds:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Eaton Vance California Municipal Income Trust</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Eaton Vance Florida Municipal Income Trust</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Eaton Vance Massachusetts Municipal Income Trust</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Eaton Vance Michigan Municipal Income Trust</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Eaton Vance New Jersey Municipal Income Trust</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Eaton Vance New York Municipal Income Trust</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Eaton Vance Ohio Municipal Income Trust</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Eaton Vance Pennsylvania Municipal Income Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(the "Funds"), each with Eaton Vance Management (the "Adviser"), including their fee structures, is in the interests of shareholders and, therefore, the Special Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the advisory agreement for each Fund.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nature, Extent and Quality of Services</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In considering whether to approve the investment advisory agreements of the Funds, the Board evaluated the nature, extent and quality of services provided to the Funds by the Adviser.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, and recent changes in the identity of such personnel. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Adviser's 30-person municipal bond team, which includes seven portfolio managers and nine credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and ret
ain investment personnel, and the time and attention devoted to each Fund in the complex by senior management.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the National Association of Securities Dealers.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">69</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub> CONT'D</sub></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Board also considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory agreements.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund Performance</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Board compared each Fund's investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, and five-year periods ended September 30, 2005 for each Fund in operation over such periods. On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund is satisfactory.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Management Fees and Expenses</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Board reviewed contractual investment advisory fee rates, including administrative fees, payable by each Fund (referred to collectively as "management fees").</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Board considered the financial resources committed by the Adviser in structuring the Fund at the time of its initial public offering. As part of its review, the Board considered each Fund's management fees and total expense ratio for the one year period ended September 30, 2005, as compared to a group of similarly managed funds selected by an independent data provider.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to each Fund that the management fees charged to the Fund for advisory and related services and the total expense ratio of the Fund are reasonable.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Profitability</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Board reviewed the level of profits realized by the Adviser in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser in connection with its relationship with the Funds.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Economies of Scale</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Funds are not continuously offered and concluded that, in light of the level of the Adviser's profits with respect to each Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and each Fund.</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Eaton Vance Municipal Income Trusts </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">INVESTMENT MANAGEMENT</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Eaton Vance Municipal Income Trusts</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="504" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Officers<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Cynthia J. Clemson<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">President of CEV, FEV, EMI, EVY, EVO and EVP; Vice President of MMV and EVJ; Portfolio Manager of CEV and FEV<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Robert B. MacIntosh<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">President of MMV and EVJ; Vice President of CEV, FEV, EMI, EVY, EVO and EVP; Portfolio Manager of MMV and EVJ<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">William H. Ahern, Jr.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President and Portfolio Manager of EMI and EVO<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Craig R. Brandon<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"
>Vice President and Portfolio Manager of EVY<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">James B. Hawkes<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President and Trustee<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Thomas M. Metzold<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President and Portfolio Manager of EVP<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Barbara E. Campbell<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Treasurer<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Alan R. Dynner<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Secretary<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Paul M. O'Neil<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Chief Compliance Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Trustees<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Samuel L. Hayes, III<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Chairman<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Benjamin C. Esty<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">William H. Park<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Ronald A. Pearlman<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Norton H. Reamer<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Lynn A. Stout<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Ralph F. Verni</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
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<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">American Stock Exchange symbols</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">California Trust&nbsp;&nbsp;CEV<BR>Florida Trust&nbsp;&nbsp;FEV<BR>Massachusetts Trust&nbsp;&nbsp;MMV<BR>Michigan Trust&nbsp;&nbsp;EMI<BR>New Jersey Trust&nbsp;&nbsp;EVJ<BR>New York Trust&nbsp;&nbsp;EVY<BR>Ohio Trust&nbsp;&nbsp;EVO<BR>Pennsylvania Trust&nbsp;&nbsp;EVP</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">71</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment Adviser and Administrator of Eaton Vance Municipal Income Trusts<BR>Eaton Vance Management</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Eaton Vance Building</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">255 State Street</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Boston, MA 02109</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Custodian<BR>Investors Bank &amp; Trust Company</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">200 Clarendon Street</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Boston, MA 02116</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Transfer Agent and Dividend Disbursing Agent<BR>PFPC Inc.</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">P.O. Box 43027</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Providence, RI 02940-3027</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">(800) 331-1710</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Eaton Vance Municipal Income Trusts<BR>The Eaton Vance Building<BR>255 State Street<BR>Boston, MA 02109</b></font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">147-7/06&nbsp;&nbsp;CE-MUNISRC</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.
Code of Ethics</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant has
adopted a code of ethics applicable to its Principal Executive Officer,
Principal Financial Officer and Principal Accounting Officer. The registrant
undertakes to provide a copy of such code of ethics to any person upon request,
without charge, </font><font size="2" style="font-size:10.0pt;">by calling 1-800-262-1122.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.
Audit Committee Financial Expert</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
registrant&#146;s Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the Vice Chairman of
Commercial Industrial Finance Corp (specialty finance company). Previously, he
served as President and Chief Executive Officer of Prizm Capital Management,
LLC (investment management firm) and as Executive Vice President and Chief
Financial Officer of United Asset Management Corporation (&#147;UAM&#148;) (a holding
company owning institutional investment management firms). Mr. Hayes is the
Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard
University Graduate School of Business Administration. Mr. Reamer is the
President, Chief Executive Officer and a Director of Asset Management Finance
Corp. (a specialty finance company serving the investment management industry)
and is President of Unicorn Corporation (an investment and financial advisory
services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan
Management Co., Inc. (an investment management company) and Advisory Director
of Berkshire Capital Corporation (an investment banking firm), Chairman of the
Board of UAM and Chairman, President and Director of the UAM Funds (mutual
funds).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.
Principal Accountant Fees and Services</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
required in this filing</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5. Audit
Committee of Listed registrants</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not required in this
filing.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.
Schedule of Investments</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please
see schedule of investments contained in the Report to Stockholders included
under Item 1 of this Form N-CSR.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Board of Trustees of the Trust has adopted a proxy voting policy and procedure
(the &#147;Fund Policy&#148;), pursuant to which the Trustees have delegated proxy voting
responsibility to the Fund&#146;s investment adviser and adopted the investment
adviser&#146;s proxy voting policies and procedures (the &#147;Policies&#148;) which are
described below. The Trustees will review the Fund&#146;s proxy voting records from
time to time and will annually consider approving the Policies for the upcoming
year. In the event that a conflict of interest arises between the Fund&#146;s
shareholders and the investment adviser, the administrator, or any of their
affiliates or any affiliate of the Fund, the investment adviser will generally
refrain from voting the proxies related to the companies giving rise to such
conflict until it consults with the Board&#146;s Special Committee except as
contemplated under the Fund Policy. The Board&#146;s Special Committee will instruct
the investment adviser on the appropriate course of action.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Policies are designed to promote accountability of a company&#146;s management to
its shareholders and to align the interests of management with those
shareholders. The investment adviser will generally support company management
on proposals relating to environmental and social policy issues, on matters
regarding the state of organization of the company and routine matters related
to corporate administration which are not expected to have a significant
economic impact on the company or its shareholders. On all other matters, the
investment adviser will review each matter on a case-by-case basis and reserves
the right to deviate from the Policies&#146; guidelines when it believes the
situation warrants such a deviation. The Policies include voting guidelines for
matters relating to, among other things, the election of directors, approval of
independent auditors, executive compensation, corporate structure and
anti-takeover defenses. The investment adviser may abstain from voting from
time to time where it determines that the costs associated with voting a proxy
outweighs the benefits derived from exercising the right to vote.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition, the investment adviser will monitor situations that may result in a
conflict of interest between the Fund&#146;s shareholders and the investment
adviser, the administrator, or any of their affiliates or any affiliate of the
Fund by maintaining a list of significant existing and prospective corporate
clients. The investment adviser&#146;s personnel responsible for reviewing and
voting proxies on behalf of the Fund will report any proxy received or expected
to be received from a company included on that list to members of senior
management of the investment adviser identified in the Policies. Such members
of senior management will determine if a conflict exists. If a conflict does
exist, the investment adviser will seek instruction on how to vote from the
Special Committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information
on how the Fund voted proxies relating to portfolio securities during the most
recent 12 month period ended June 30 is available (1) without charge, upon
request, by calling 1-800-262-1122, and (2) on the Securities and Exchange
Commission&#146;s website at http://www.sec.gov</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.
Portfolio Managers of Closed-End Management Investment Companies</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
required in this filing.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.
Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
such purchases this period.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 10. Submission of Matters to
a Vote of Security Holders.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Material Changes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 11.
Controls and Procedures</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) It is the conclusion
of the registrant&#146;s principal executive officer and principal financial officer
that the effectiveness of the registrant&#146;s current disclosure controls and
procedures (such disclosure controls and procedures having been evaluated
within 90 days of the date of this filing) provide reasonable assurance that
the information required to be disclosed by the registrant has been recorded,
processed, summarized and reported within the time period specified in the Commission&#146;s
rules and forms and that the information required to be disclosed by the
registrant has been accumulated and communicated to the registrant&#146;s principal
executive officer and principal financial officer in order to allow timely
decisions regarding required disclosure.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) There have been no
changes in the registrant&#146;s internal controls over financial reporting during
the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 12.
Exhibits</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s Code of
  Ethics &#150; Not applicable (please see Item 2).</font></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)(i)</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer&#146;s Section 302
  certification.</font></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)(ii)</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President&#146;s Section 302
  certification.</font></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Combined Section 906
  certification.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Signatures</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eaton Vance California
  Municipal Income Trust</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Cynthia J. Clemson</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cynthia J. Clemson</font></p></td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July 18, 2006</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Barbara E. Campbell</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barbara E. Campbell</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July 18, 2006</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Cynthia J. Clemson</font></p>
  </td>
  <td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cynthia J. Clemson</font></p></td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July 18, 2006</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="42" style="border:none;"></td>
  <td width="134" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="568" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>a06-14447_2ex99dcert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.CERT</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Eaton
Vance California Municipal Income Trust</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM
N-CSR</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
11(a)(2)(i)</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION</font></u></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Barbara E. Campbell,
certify that:</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I
have reviewed this report on Form N-CSR of Eaton Vance California Municipal
Income Trust;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
registrant&#146;s other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed
such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this report is being prepared;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed
such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated
the effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed
in this report any change in the registrant&#146;s internal control over financial
reporting that occurred during the registrant&#146;s second fiscal quarter of the
period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial
reporting; and</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors (or
persons performing the equivalent functions):</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All
significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to
adversely affect the registrant&#146;s ability to record, process, summarize, and
report financial information; and</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial
reporting.</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&#160; July 18, 2006</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.32%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Barbara E. Campbell</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barbara E. Campbell</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
11(a)(2)(ii)</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Cynthia J. Clemson; certify
that:</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I
have reviewed this report on Form N-CSR of Eaton Vance California Municipal
Income Trust;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
registrant&#146;s other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed
such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed
such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated
the effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed
in this report any change in the registrant&#146;s internal control over financial
reporting that occurred during the registrant&#146;s second fiscal quarter of the
period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial
reporting; and</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors (or
persons performing the equivalent functions):</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All
significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to
adversely affect the registrant&#146;s ability to record, process, summarize, and
report financial information; and</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial
reporting.</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&#160; &#160;July 18,
2006</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.66%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Cynthia J. Clemson</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cynthia J. Clemson</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>a06-14447_2ex99d906cert.htm
<DESCRIPTION>EX-99.906CERT
<TEXT>
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<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.906CERT</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
N-CSR Item 11(b) Exhibit</font></u></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATION PURSUANT TO</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18 U.S.C. SECTION 1350,</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AS ADOPTED PURSUANT TO</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;text-indent:.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance California Municipal Income Trust (the &
#147;Trust&#148;), that:</font></p><p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">the Semi-Annual Report of the Trust on Form N-CSR for the period ended May 31, 2006 (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Trust for such period.</font></p><p style="margin:0in 0in .0001pt .5in;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A signed original of this written statement required by section 906 has been provided to the Trust</font></b><font face="Times New Roman"> <b>and will be retained by the Trust and furnished to the S
ecurities and Exchange Commission or its staff upon request.</b></font></p><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: July 18, 2006</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Barbara E. Campbell</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barbara E. Campbell</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p></td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: July 18, 2006</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Cynthia J. Clemson</font></p>
  </td>
  <td width="82%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:82.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cynthia J. Clemson</font></p></td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p></td>
 </tr>
 <tr height="0">
  <td width="134" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="609" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
