UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-09149

 

Eaton Vance Ohio Municipal Income Trust

(Exact name of registrant as specified in charter)

 

The Eaton Vance Building, 255 State Street, Boston, Massachusetts

 

02109

(Address of principal executive offices)

 

(Zip code)

 

Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

November 30

 

 

Date of reporting period:

November 30, 2006

 

 



Item 1. Reports to Stockholders




Annual Report November 30, 2006

EATON VANCE
MUNICIPAL
INCOME
TRUSTS

CLOSED-END FUNDS:

California

Florida

Massachusetts

Michigan

New Jersey

New York

Ohio

Pennsylvania



IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING

Privacy. 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:

•  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.

•  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.

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

•  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.

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.

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.

For more information about Eaton Vance's Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. 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.

Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.

If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at
1-800-262-1122, or contact your financial adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. 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).

Proxy Voting. 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.




Eaton Vance Municipal Income Trusts as of November 30, 2006

TABLE OF CONTENTS

Management’s Discussion of Fund Performance

 

2

 

 

 

Performance Information and Portfolio Composition

 

 

 

 

 

California

 

3

 

 

 

Florida

 

4

 

 

 

Massachusetts

 

5

 

 

 

Michigan

 

6

 

 

 

New Jersey

 

7

 

 

 

New York

 

8

 

 

 

Ohio

 

9

 

 

 

Pennsylvania

 

10

 

 

 

Financial Statements

 

11

 

 

 

Federal Tax Information

 

74

 

 

 

Dividend Reinvestment Plan

 

75

 

 

 

Board of Trustees’ Annual Approval of the Investment Advisory Agreements

 

77

 

 

 

Management and Organization

 

80

 

1




Eaton Vance Municipal Income Trusts as of November 30, 2006

MANAGEMENT‘S DISCUSSION OF FUND PERFORMANCE

Eaton Vance Municipal Income Trusts (the “Trusts”) 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, as applicable. This income is earned by investing primarily in investment-grade municipal securities .

Economic and Market Conditions

Third quarter economic growth slowed to 2 .0%, following the 2 .6% growth rate achieved in the second quarter . With higher mortgage rates in the market, led largely by the persistent Federal Reserve (the “Fed”) tightening, the housing market continued to soften, with building permits and existing home sales leading the way . However, energy prices declined significantly in the quarter, somewhat offsetting the impact of a weakening housing market . The economy continued to create jobs over the period, with the unemployment rate standing at 4 .5% as of November 30, 2006 .

Inflation expectations moderated with the lower energy prices, although the core Consumer Price Index - measured on a year-over-year basis – has demonstrated a slow but steady rise . The Fed, which raised short-term rates 17 times since June 2004, is currently in a pausing mode, awaiting further economic inputs to determine the future direction of interest rate moves . At November 30, 2006, the Federal Funds rate stood at 5 .25% .

Municipal market supply during the year ended November 30, 2006 was lower than it had been in the previous year . As a result, municipals have generally outperformed Treasury bonds for the year ended November 30, 2006, as demand has remained strong . At November 30, 2006, long-term AAA-rated, insured municipal bonds yielded 90% of U .S . Treasury bonds with similar maturities .*

For the year ended November 30, 2006, the Lehman Brothers Municipal Bond Index† (the “Index”), an unmanaged index of municipal bonds, posted a gain of 6 .12% . For more information about each Trust’s performance and that of funds in the same Lipper Classification,† see the Performance Information and Portfolio Composition pages that follow .

Management Discussion

The Trusts invest primarily in bonds with stated 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 other fixed-income securities over the past 18 months — with shortermaturity yields rising more than longer-maturity yields — management felt that the long end of the municipal curve was a relatively attractive place to be positioned . However, given the leveraged nature of the Trusts, rising short-term rates have increased the distributions paid to preferred shareholders . As these 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’s leverage as of November 30, 2006 .

Because of the mixed economic backdrop of contained inflation expectations, a weakened housing market and continued growth in the labor market, Trust management continued to maintain a somewhat cautious outlook on interest rates . In this environment, Trust management continued to focus on finding relative value within the marketplace – in issuer names, coupons, maturities and sectors . Relative value trading, which seeks to capitalize on undervalued securities, has enhanced the Trusts’ returns during the period .


*Source: Bloomberg L.P. Yields are a compilation of a representative variety of general obligations and are not necessarily representative of a Trust’s yield.

It is not possible to invest directly in an Index or Lipper Classification. The Index’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. Past performance is no guarantee of future results.

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.

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.

2




Eaton Vance California Municipal Income Trust as of November 30, 2006

PERFORMANCE IN FORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 11/30/06(1)

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

15.99

%

Five Years

 

7.51

 

Life of Trust (1/29/99)

 

6.24

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

12.10

%

Five Years

 

9.28

 

Life of Trust (1/29/99)

 

7.43

 

 

Market Yields

Market Yield(2)

 

4.49

%

Taxable Equivalent Market Yield(3)

 

7.62

 

 

Index Performance(4)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

6.12

%

Five Years

 

5.40

 

Life of Trust (1/31/99)

 

5.25

 

 

Lipper Averages(5)

Lipper California Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

One Year

 

8.78

%

Five Years

 

7.05

 

Life of Trust (1/31/99)

 

6.00

 

 

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’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.

Portfolio Manager: Cynthia J. Clemson

Rating Distribution* (6),(7)

By total investments


*    The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2006 is as follows:

AAA

 

54.5

%

AA

 

3.5

%

A

 

23.4

%

BBB

 

7.4

%

Not Rated

 

11.2

%

 

Trust Statistics(7)

·  Number of Issues:

 

88

·  Average Maturity:

 

22.6 years

·  Average Effective Maturity:

 

9.6 years

·  Average Rating:

 

AA

·  Average Call Protection:

 

8.2 years

·  Leverage:**

 

33%

 


**  The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets and floating rate notes payable deemed held pursuant to FAS Statement 140. 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).

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’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’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) The Trust’s market yield is calculated by dividing the last dividend paid per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) 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. (4) It is not possible to invest directly in an Index. The Index’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. (5) 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, 20, and 14 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month end only. (6) As of 11/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) As of 11/30/06. Portfolio holdings information includes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

3




Eaton Vance Florida Municipal Income Trust as of November 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 11/30/06(1)

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

5.32

%

Five Years

 

7.76

 

Life of Trust (1/29/99)

 

5.49

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

9.84

%

Five Years

 

8.60

 

Life of Trust (1/29/99)

 

6.96

 

 

Market Yields

Market Yield(2)

 

4.63

%

Taxable Equivalent Market Yield(3)

 

7.12

 

 

Index Performance(4)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

6.12

%

Five Years

 

5.40

 

Life of Trust (1/31/99)

 

5.25

 

 

Lipper Averages(5)

 

Lipper Florida Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

One Year

 

7.63

%

Five Years

 

6.68

 

Life of Trust (1/31/99)

 

5.63

 

 

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’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.

Portfolio Manager: Cynthia J. Clemson

Rating Distribution* (6), (7)

By total investments


*    The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2006 is as follows:

AAA

 

66.1

%

AA

 

3.5

%

A

 

12.8

%

BBB

 

3.5

%

CCC

 

0.6

%

Not Rated

 

13.5

%

 

Trust Statistics(7)

·  Number of Issues:

 

86

·  Average Maturity:

 

24.8 years

·  Average Effective Maturity:

 

7.1 years

·  Average Rating:

 

AA

·  Average Call Protection:

 

7.0 years

·  Leverage:**

 

35%

 


**  The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets and floating rate notes payable deemed held pursuant to FAS Statement 140. 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).

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’s performance at market shareprice 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 factorssuch as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effectof leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) The Trust’s market yield is calculated by dividing the last dividend paid per share of the fiscal year by the shareprice at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 35.00% federal tax rate. A lower tax rate would result in a lower tax-equivalentfigure. (4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or soldthe securities represented in the Index. Index performance is available as of month end only. (5) The Lipper Averages are the average total returns, at net asset value, of the funds that arein 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 andunleveraged funds. The Lipper Florida Municipal Debt Funds Classification (closed-end) contained 17, 12, and 11 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively.Lipper Averages are available as of month end only. (6) As of 11/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of theTrust. (7) As of 11/30/06. Portfolio holdings information includes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financialstatements. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

4




Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 11/30/06(1)

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

5.72

%

Five Years

 

6.98

 

Life of Trust (1/29/99)

 

5.95

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

11.05

%

Five Years

 

9.11

 

Life of Trust (1/29/99)

 

7.04

 

 

Market Yields

Market Yield(2)

 

4.28

%

Taxable Equivalent Market Yield(3)

 

6.95

 

 

Index Performance(4)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

6.12

%

Five Years

 

5.40

 

Life of Trust (1/31/99)

 

5.25

 

 

Lipper Averages(5)

Lipper Other States Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

One Year

 

7.95

%

Five Years

 

7.29

 

Life of Trust (1/31/99)

 

6.09

 

 

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’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.

Portfolio Manager: Robert B. Macintosh, CFA

Rating Distribution* (6), (7)

By total investments


*    The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2006 is as follows:

AAA

 

48.7

%

AA

 

14.5

%

A

 

17.2

%

BBB

 

11.8

%

CCC

 

1.1

%

Not Rated

 

6.7

%

 

Trust Statistics(7)

·  Number of Issues:

 

61

·  Average Maturity:

 

27.4 years

·  Average Effective Maturity:

 

13.0 years

·  Average Rating:

 

AA

·  Average Call Protection:

 

10.8 years

·  Leverage:**

 

33%

 


**The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets and floating rate notes payable deemed held pursuant to FAS Statement 140. 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).

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’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’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) The Trust’s market yield is calculated by dividing the last dividend paid per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) 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. (4) It is not possible to invest directly in an Index. The Index’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. (5) 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, 32, and 20 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month end only. (6) As of 11/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) As of 11/30/06. Portfolio holdings information includes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

5




Eaton Vance Michigan Municipal Income Trust as of November 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 11/30/06(1)

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

9.88

%

Five Years

 

8.13

 

Life of Trust (1/29/99)

 

5.31

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

9.38

%

Five Years

 

7.70

 

Life of Trust (1/29/99)

 

6.51

 

 

Market Yields

Market Yield(2)

 

4.72

%

Taxable Equivalent Market Yield(3)

 

7.56

 

 

Index Performance(4)

Lehman Brothers Municipal Bond Index — Average Annual Total Returns

 

 

 

One Year

 

6.12

%

Five Years

 

5.40

 

Life of Trust (1/31/99)

 

5.25

 

 

Lipper Averages(5)

Lipper Michigan Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

One Year

 

8.14

%

Five Years

 

6.98

 

Life of Trust (1/31/99)

 

5.97

 

 

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’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.

Portfolio Manager: William H. Ahern, CFA

Rating Distribution* (6), (7)

By total investments


*    The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2006 is as follows:

AAA

 

54.8

%

AA

 

11.8

%

A

 

13.1

%

BBB

 

12.3

%

BB

 

1.2

%

CCC

 

1.3

%

Not Rated

 

5.5

%

 

Trust Statistics(7)

·  Number of Issues:

 

55

·  Average Maturity:

 

22.6 years

·  Average Effective Maturity:

 

5.2 years

·  Average Rating:

 

AA

·  Average Call Protection:

 

5.1 years

·  Leverage:**

 

35%

 


**The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets and floating rate notes payable deemed held pursuant to FAS Statement 140. 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).

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’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’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) The Trust’s market yield is calculated by dividing the last dividend paid per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) 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. (4) It is not possible to invest directly in an Index. The Index’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. (5) 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, 6, and 5 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month end only. (6) As of 11/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) As of 11/30/06. Portfolio holdings information includes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

6




Eaton Vance New Jersey Municipal Income Trust as of November 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 11/30/06(1)

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

12.89

%

Five Years

 

9.23

 

Life of Trust (1/29/99)

 

6.35

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

13.28

%

Five Years

 

9.93

 

Life of Trust (1/29/99)

 

7.32

 

 

Market Yields

Market Yield(2)

 

4.48

%

Taxable Equivalent Market Yield(3)

 

7.57

 

 

Index Performance(4)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

6.12

%

Five Years

 

5.40

 

Life of Trust (1/31/99)

 

5.25

 

 

Lipper Averages(5)

Lipper New Jersey Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

One Year

 

9.30

%

Five Years

 

7.65

 

Life of Trust (1/31/99)

 

6.11

 

 

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’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.

Portfolio Manager: Robert B. Macintosh, CFA

Rating Distribution* (6), (7)

By total investments


*    The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2006 is as follows:

AAA

 

47.9

%

A

 

12.8

%

BBB

 

30.5

%

B

 

1.5

%

Not Rated

 

7.3

%

 

Trust Statistics(7)

·  Number of Issues:

 

67

·  Average Maturity:

 

23.5 years

·  Average Effective Maturity:

 

9.5 years

·  Average Rating:

 

AA-

·  Average Call Protection:

 

8.5 years

·  Leverage:**

 

34%

 


**  The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets and floating rate notes payable deemed held pursuant to FAS Statement 140. 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).

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’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’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) The Trust’s market yield is calculated by dividing the last dividend paid per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) 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. (4) It is not possible to invest directly in an Index. The Index’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. (5) 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, 10, and 8 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month end only. (6) As of 11/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) As of 11/30/06. Portfolio holdings information includes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

7




Eaton Vance New York Municipal Income Trust as of November 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 11/30/06(1)

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

10.28

%

Five Years

 

8.98

 

Life of Trust (1/29/99)

 

6.91

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

11.28

%

Five Years

 

9.78

 

Life of Trust (1/29/99)

 

7.63

 

 

Market Yields

Market Yield(2)

 

4.64

%

Taxable Equivalent Market Yield(3)

 

7.66

 

 

Index Performance(4)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

6.12

%

Five Years

 

5.40

 

Life of Trust (1/31/99)

 

5.25

 

 

Lipper Averages(5)

ipper New York Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

One Year

 

8.72

%

Five Years

 

7.25

 

Life of Trust (1/31/99)

 

5.90

 

 

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’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.

Portfolio Manager: Craig R. Brandon, CFA

Rating Distribution* (6), (7)

By total investments


*    The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2006 is as follows:

AAA

 

29.1

%

AA

 

19.5

%

A

 

27.8

%

BBB

 

10.5

%

BB

 

1.0

%

B

 

1.3

%

CCC

 

0.5

%

Not Rated

 

10.3

%

 

Trust Statistics(7)

·  Number of Issues:

 

70

·  Average Maturity:

 

24.0 years

·  Average Effective Maturity:

 

9.5 years

·  Average Rating:

 

AA-

·  Average Call Protection:

 

9.3 years

·  Leverage:**

 

33%

 


**The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets and floating rate notes payable deemed held pursuant to FAS Statement 140. 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).

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’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’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) The Trust’s market yield is calculated by dividing the last dividend paid per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) It is not possible to invest directly in an Index. The Index’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. (5) 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, 13, and 8 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month end only. (6) As of 11/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) As of 11/30/06. Portfolio holdings information includes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

8




Eaton Vance Ohio Municipal Income Trust as of as of November 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 11/30/06(1)

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

8.27

%

Five Years

 

7.86

 

Life of Trust (1/29/99)

 

5.72

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

10.50

%

Five Years

 

8.70

 

Life of Trust (1/29/99)

 

6.69

 

 

Market Yields

Market Yield(2)

 

4.73

%

Taxable Equivalent Market Yield(3)

 

7.87

 

 

Index Performance(4)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

6.12

%

Five Years

 

5.40

 

Life of Trust (1/31/99)

 

5.25

 

 

Lipper Averages(5)

Lipper Other States Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

One Year

 

7.95

%

Five Years

 

7.29

 

Life of Trust (1/31/99)

 

6.09

 

 

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’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.

Portfolio Manager: William H. Ahern, CFA

Rating Distribution* (6), (7)

By total investments


*    The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2006 is as follows:

AAA

 

54.7

%

AA

 

13.9

%

A

 

16.6

%

BBB

 

4.4

%

B

 

2.1

%

Not Rated

 

8.3

%

 

Trust Statistics(7)

·  Number of Issues:

 

61

·  Average Maturity:

 

21.9 years

·  Average Effective Maturity:

 

7.1 years

·  Average Rating:

 

AA

·  Average Call Protection:

 

6.9 years

·  Leverage:**

 

35%

 


**  The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets and floating rate notes payable deemed held pursuant to FAS Statement 140. 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).

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’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’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) The Trust’s market yield is calculated by dividing the last dividend paid per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 39.88% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) It is not possible to invest directly in an Index. The Index’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. (5) 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, 32, and 20 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month end only. (6) As of 11/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) As of 11/30/06. Portfolio holdings information includes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

9




Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 11/30/06(1)

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

4.44

%

Five Years

 

9.23

 

Life of Trust (1/29/99)

 

5.73

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

9.68

%

Five Years

 

8.33

 

Life of Trust (1/29/99)

 

6.58

 

 

Market Yields

Market Yield(2)

 

4.74

%

Taxable Equivalent Market Yield(3)

 

7.52

 

 

Index Performance(4)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

6.12

%

Five Years

 

5.40

 

Life of Trust (1/31/99)

 

5.25

 

 

Lipper Averages(5)

Lipper Pennsylvania Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

One Year

 

8.11

%

Five Years

 

7.29

 

Life of Trust (1/31/99)

 

6.20

 

 

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’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.

Portfolio Manager: Thomas M. Metzold, CFA

Rating Distribution* (6), (7)

By total investments


*    The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2006 is as follows:

AAA

 

57.0

%

AA

 

9.9

%

A

 

13.5

%

BBB

 

7.9

%

BB

 

1.8

%

CCC

 

2.4

%

Not Rated

 

7.5

%

 

Trust Statistics(7)

 

·  Number of Issues:

 

69

·  Average Maturity:

 

21.7 years

·  Average Effective Maturity:

 

6.4 years

·  Average Rating:

 

AA

·  Average Call Protection:

 

5.8 years

·  Leverage:**

 

35%

 


**  The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets and floating rate notes payable deemed held pursuant to FAS Statement 140. 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).

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’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’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) The Trust’s market yield is calculated by dividing the last dividend paid per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) 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. (4) It is not possible to invest directly in an Index. The Index’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. (5) 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, 7, and 5 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month end only. (6) As of 11/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) As of 11/30/06. Portfolio holdings information includes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

10




Eaton Vance California Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 161.3%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 11.2%      
$ 1,000     California Educational Facilities Authority,
(Dominican University), 5.75%, 12/1/30
  $ 1,036,040    
  2,770     California Educational Facilities Authority,
(Lutheran University), 5.00%, 10/1/29
    2,913,680    
  500     California Educational Facilities Authority,
(Pepperdine University), 5.00%, 11/1/29
    520,190    
  1,850     California Educational Facilities Authority,
(Santa Clara University), 5.00%, 9/1/23
    2,075,385    
  4,000     California Educational Facilities Authority,
(Stanford University), 5.125%, 1/1/31
    4,089,600    
  2,500     San Diego County, Certificates of Participation,
(University of San Diego), 5.375%, 10/1/41
    2,623,075    
            $ 13,257,970    
Electric Utilities — 2.3%      
$ 2,500     Chula Vista, (San Diego Gas), (AMT),
5.00%, 12/1/27
  $ 2,666,825    
            $ 2,666,825    
Escrowed / Prerefunded — 1.4%      
$ 1,590     Tahoe Forest, Hospital District, Prerefunded to 7/1/09,
5.85%, 7/1/22
  $ 1,709,202    
            $ 1,709,202    
General Obligations — 4.3%      
$ 1,100     California, 5.25%, 4/1/30   $ 1,169,498    
  3,500     California, 5.50%, 11/1/33     3,863,405    
            $ 5,032,903    
Hospital — 25.4%      
$ 4,200     California Health Facilities Financing Authority,
(Cedars-Sinai Medical Center), 5.00%, 11/15/34
  $ 4,424,910    
  750     California Infrastructure and Economic Development,
(Kaiser Hospital), 5.50%, 8/1/31
    801,442    
  3,900     California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35
    4,092,699    
  1,750     California Statewide Communities Development Authority,
(John Muir Health), 5.00%, 8/15/36
    1,844,150    
  850     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.00%, 3/1/41
    893,316    
  3,100     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.25%, 3/1/45
    3,328,780    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 1,650     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.50%, 11/1/32
  $ 1,755,633    
  1,750     California Statewide Communities Development Authority,
(Sonoma County Indian Health), 6.40%, 9/1/29
    1,855,647    
  1,500     California Statewide Communities Development Authority,
(Sutter Health), 5.50%, 8/15/28
    1,628,940    
  1,500     Duarte, COP, (City of Hope),
5.25%, 4/1/24
    1,547,715    
  1,000     Stockton, Health Facilities Authority, (Dameron Hospital),
5.70%, 12/1/14
    1,035,300    
  410     Tahoe Forest Hospital District, 5.85%, 7/1/22     436,293    
  2,000     Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31
    2,137,960    
  2,000     Turlock, (Emanuel Medical Center, Inc.),
5.375%, 10/15/34
    2,128,080    
  2,000     Washington Township Health Care District,
5.25%, 7/1/29
    2,064,120    
            $ 29,974,985    
Housing — 1.1%      
$ 753     Commerce (Hermitage III Senior Apartments),
6.50%, 12/1/29
  $ 807,921    
  431     Commerce (Hermitage III Senior Apartments),
6.85%, 12/1/29
    458,373    
            $ 1,266,294    
Industrial Development Revenue — 1.1%      
$ 1,250     California Pollution Control Financing Authority,
(Mobil Oil Corp.), (AMT), 5.50%, 12/1/29
  $ 1,276,762    
            $ 1,276,762    
Insured-Education — 7.3%      
$ 6,510     California Educational Facilities Authority, (Loyola
Marymount University), (MBIA), 0.00%, 10/1/33
  $ 2,051,301    
  3,270     California Educational Facilities Authority, (Pooled College
and University), (MBIA), 5.10%, 4/1/23
    3,394,685    
  3,000     California State University, (AMBAC),
5.00%, 11/1/33
    3,180,990    
            $ 8,626,976    
Insured-Electric Utilities — 15.8%      
$ 3,250     California Pollution Control Financing Authority,
(Southern California Edison Co.), (MBIA), (AMT),
5.55%, 9/1/31
  $ 3,430,342    
  2,500     California Pollution Control Financing Authority, PCR,
(Pacific Gas and Electric), (MBIA), (AMT),
5.35%, 12/1/16
    2,696,000    

 

See notes to financial statements
11



Eaton Vance California Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Electric Utilities (continued)      
$ 3,625     Los Angeles Department of Water and Power, Power
System Revenues, (FSA), 4.625%, 7/1/37
  $ 3,719,178    
  1,995     Puerto Rico Electric Power Authority, (FSA),
5.25%, 7/1/29(1)(2)
    2,116,768    
  2,563     Puerto Rico Electric Power Authority, (FSA), Variable Rate,
6.79%, 7/1/29(3)(6)
    2,875,304    
  2,875     Puerto Rico Electric Power Authority, (FSA),
5.25%, 7/1/29(1)(2)
    3,050,476    
  500     Puerto Rico Electric Power Authority, (MBIA),
9.095%, 7/1/16(3)(4)
    727,300    
            $ 18,615,368    
Insured-Escrowed / Prerefunded — 5.9%      
$ 5,130     Foothill/Eastern, Transportation Corridor Agency, (FSA),
Escrowed to Maturity, 0.00%, 1/1/26
  $ 2,311,835    
  2,500     Los Angeles County, Metropolitan Transportation Authority,
(FGIC), Prerefunded to 7/1/10, 5.25%, 7/1/30
    2,678,300    
  1,500     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, 5.00%, 7/1/28(1)(2)
    1,538,843    
  420     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, Variable Rate,
7.315%, 7/1/28(3)(4)
    451,303    
            $ 6,980,281    
Insured-General Obligations — 17.3%      
$ 1,650     California, RITES, (AMBAC), Variable Rate,
9.611%, 5/1/26(3)(4)
  $ 2,010,443    
  7,000     Coast Community College District, (Election of 2002),
(FSA), 0.00%, 8/1/34
    1,707,230    
  4,825     Coast Community College District, (FSA),
0.00%, 8/1/35
    1,111,728    
  2,500     Puerto Rico, (FSA), Variable Rate,
8.462%, 7/1/27(3)(4)
    3,002,275    
  4,800     San Diego Unified School District, (MBIA),
5.50%, 7/1/24(1)(2)
    5,733,248    
  3,000     Simi Valley Unified School District, (MBIA),
5.00%, 8/1/28
    3,205,500    
  7,995     Sweetwater Union High School District, (Election 2000),
(FSA), 0.00%, 8/1/25
    3,613,020    
            $ 20,383,444    
Insured-Hospital — 6.2%      
$ 3,200     California Statewide Communities Development Authority,
(Children's Hospital Los Angeles), (MBIA),
5.25%, 8/15/29(5)
  $ 3,351,264    
  3,735     California Statewide Communities Development Authority,
(Sutter Health), (FSA), 5.75%, 8/15/27(1)(2)
    3,967,168    
            $ 7,318,432    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Lease Revenue / Certificates
of Participation — 9.6%
     
$ 6,500     Anaheim, Public Financing Authority Lease Revenue,
(Public Improvements), (FSA), 0.00%, 9/1/17
  $ 4,196,855    
  10,750     Anaheim, Public Financing Authority Lease Revenue,
(Public Improvements), (FSA), 0.00%, 9/1/25
    4,787,835    
  6,000     Anaheim, Public Financing Authority Lease Revenue,
(Public Improvements), (FSA), 0.00%, 9/1/28
    2,332,980    
            $ 11,317,670    
Insured-Special Tax Revenue — 4.0%      
$ 2,435     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/28
  $ 986,881    
  2,070     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/37
    559,894    
  3,170     San Francisco Bay Area Rapid Transit District,
Sales Tax Revenue, (FSA), 4.25%, 7/1/36
    3,166,196    
            $ 4,712,971    
Insured-Transportation — 15.5%      
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29
  $ 1,884,050    
  8,000     Alameda Corridor Transportation Authority, (MBIA),
0.00%, 10/1/31
    2,760,800    
  1,400     Puerto Rico Highway and Transportation Authority, (AGC),
5.00%, 7/1/45
    1,490,888    
  7,545     Puerto Rico Highway and Transportation Authority, (AMBAC),
5.00%, 7/1/28(1)(2)
    7,753,921    
  750     Puerto Rico Highway and Transportation Authority, (CIFG),
5.25%, 7/1/41(1)(2)
    907,860    
  10,000     San Joaquin Hills Transportation Corridor Agency, (MBIA),
0.00%, 1/15/32
    3,433,800    
            $ 18,231,319    
Insured-Water Revenue — 5.3%      
$ 4,400     Los Angeles Department of Water and Power,
Water Revenue, (MBIA), 3.00%, 7/1/30
  $ 3,600,036    
  2,710     San Francisco City and County Public Utilities Commission,
(FSA), 4.25%, 11/1/33
    2,713,062    
            $ 6,313,098    
Lease Revenue / Certificates of Participation — 3.8%      
$ 4,000     Sacramento City Financing Authority,
5.40%, 11/1/20
  $ 4,514,080    
            $ 4,514,080    

 

See notes to financial statements
12



Eaton Vance California Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Other Revenue — 1.3%      
$ 1,425     California Statewide Communities Development Authority,
(East Valley Tourist Development Authority),
8.25%, 10/1/14(3)
  $ 1,541,522    
            $ 1,541,522    
Special Tax Revenue — 16.9%      
$ 1,500     Bonita Canyon Public Financing Authority,
5.375%, 9/1/28
  $ 1,519,755    
  1,545     Brentwood Infrastructure Financing Authority,
6.375%, 9/2/33
    1,593,776    
  1,665     Corona Public Financing Authority,
5.80%, 9/1/20
    1,668,680    
  200     Eastern California Municipal Water District, Special Tax
Revenue District No. 2004-27 Cottonwood,
5.00%, 9/1/27
    203,930    
  500     Eastern California Municipal Water District, Special Tax
Revenue District No. 2004-27 Cottonwood,
5.00%, 9/1/36
    508,655    
  1,590     Fontana Redevelopment Agency, (Jurupa Hills),
5.60%, 10/1/27
    1,669,627    
  500     Jurupa Community Services District, (Community Facilities
District No. 16), 5.30%, 9/1/34
    515,255    
  1,305     Lincoln Public Financing Authority, Improvement
Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25
    1,375,079    
  420     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24
    429,391    
  750     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29
    767,033    
  2,460     Oakland Joint Powers Financing Authority,
5.40%, 9/2/18
    2,575,694    
  995     Oakland Joint Powers Financing Authority,
5.50%, 9/2/24
    1,042,700    
  700     Rancho Cucamonga Public Financing Authority,
6.00%, 9/2/20
    734,685    
  1,325     San Pablo Redevelopment Agency,
5.65%, 12/1/23
    1,399,637    
  1,500     Santa Margarita Water District,
6.20%, 9/1/20
    1,609,110    
  250     Santaluz Community Facilities District No. 2,
6.10%, 9/1/21
    252,958    
  500     Santaluz Community Facilities District No. 2,
6.20%, 9/1/30
    506,360    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Special Tax Revenue (continued)      
$ 500     Turlock Public Financing Authority,
5.45%, 9/1/24
  $ 518,675    
  1,000     Whittier Public Financing Authority, (Greenleaf
Avenue Redevelopment), 5.50%, 11/1/23
    1,048,340    
            $ 19,939,340    
Transportation — 1.0%      
$ 1,170     Port of Redwood City, (AMT),
5.125%, 6/1/30
  $ 1,201,181    
            $ 1,201,181    
Water Revenue — 4.6%      
$ 5,500     Calleguas Las Virgenes, Public Financing Authority,
(MBIA), 4.25%, 7/1/32
  $ 5,407,105    
            $ 5,407,105    
Total Tax-Exempt Investments — 161.3%
(identified cost $175,139,599)
  $ 190,287,728    
Other Assets, Less Liabilities — (11.3)%   $ (13,294,010 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (50.0)%
  $ (59,028,016 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 117,965,702    

 

AGC - Assured Guaranty Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CDC IXIS Financial Guaranty North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2006, 53.9% 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 0.5% to 23.5% of total investments.

See notes to financial statements
13



Eaton Vance California Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

(1)  Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(2)  Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(3)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2006, the aggregate value of the securities is $10,608,147 or 9.0% of the Trust's net assets applicable to common shares.

(4)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2006.

(5)  Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(6)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2006.

See notes to financial statements
14



Eaton Vance Florida Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 162.9%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 1.6%      
$ 1,000     Volusia County, Educational Facilities Authority,
(Embry Riddle Aeronautical), 5.75%, 10/15/29
  $ 1,045,820    
            $ 1,045,820    
Escrowed / Prerefunded — 4.7%      
$ 500     Capital Trust Agency, (Seminole Tribe Convention),
Prerefunded to 10/1/12, 8.95%, 10/1/33(1)
  $ 618,100    
  500     Florida Capital Projects Finance Authority, Student
Housing Revenue, (Florida University),
Prerefunded to 8/15/10, 7.75%, 8/15/20
    569,825    
  1,805     Lakeland Hospital System, (Lakeland Regional
Health System), 5.50%, 11/15/32
    2,001,492    
            $ 3,189,417    
Health Care-Miscellaneous — 0.2%      
$ 155     Osceola County Industrial Development Authority,
Community Provider Pooled Loan, 7.75%, 7/1/17
  $ 155,170    
            $ 155,170    
Hospital — 17.7%      
$ 2,000     Brevard County Health Facilities Authority,
(Health First, Inc.), 5.00%, 4/1/36
  $ 2,096,420    
  500     Highlands County, Health Facilities Authority,
(Adventist Health System), 5.25%, 11/15/36
    538,350    
  1,030     Jacksonville, Economic Development Authority,
(Mayo Clinic), 5.00%, 11/15/36
    1,094,993    
  1,250     Jacksonville, Economic Development Authority,
(Mayo Clinic), 5.50%, 11/15/36
    1,350,437    
  2,000     Orange County, Health Facilities Authority, (Adventist
Health System), 5.625%, 11/15/32
    2,189,320    
  1,000     Orange County, Health Facilities Authority, (Orlando
Regional Healthcare), 4.75%, 11/15/36
    1,022,550    
  900     Orange County, Health Facilities Authority, (Orlando
Regional Healthcare), 5.125%, 11/15/39
    959,922    
  1,075     South Miami, Health Facility Authority Hospital Revenue,
(Baptist Health), 5.25%, 11/15/33
    1,135,426    
  1,400     West Orange Health Care District,
5.80%, 2/1/31
    1,493,436    
            $ 11,880,854    
Housing — 1.9%      
$ 650     Capital Trust Agency, (Atlantic Housing Foundation),
5.30%, 7/1/35
  $ 670,949    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Housing (continued)      
$ 585     Escambia County, Housing Finance Authority,
Single Family Mortgage, (Multi-County Program), (AMT),
5.50%, 10/1/31
  $ 604,428    
            $ 1,275,377    
Industrial Development Revenue — 3.8%      
$ 804     Broward County, Industrial Development Revenue,
(Lynxs Cargoport), (AMT), 6.75%, 6/1/19
  $ 832,514    
  1,000     Capital Trust Agency, (Fort Lauderdale Project), (AMT),
5.75%, 1/1/32
    1,052,320    
  650     Puerto Rico Port Authority, (American Airlines), (AMT),
6.30%, 6/1/23
    650,338    
            $ 2,535,172    
Insured-Electric Utilities — 9.5%      
$ 1,600     Burke County, GA, Development Authority, (Georgia
Power Co.), (MBIA), (AMT), 5.45%, 5/1/34
  $ 1,601,968    
  1,100     Guam Power Authority, (MBIA),
5.125%, 10/1/29
    1,150,479    
  2,750     Jupiter Island, Utility System, (South Martin Regional Utility),
(MBIA), 5.00%, 10/1/28
    2,822,407    
  750     Puerto Rico Electric Power Authority, (FSA), Variable Rate,
6.79%, 7/1/29(1)(2)
    841,553    
            $ 6,416,407    
Insured-Escrowed / Prerefunded — 3.1%      
$ 650     Miami-Dade County, Professional Sports Franchise Facility,
(MBIA), Escrowed to Maturity, 5.25%, 10/1/30
  $ 779,116    
  1,250     Saint Petersburg, Public Utilities Revenue, (FSA),
Prerefunded to 10/1/09, 5.00%, 10/1/28
    1,312,000    
            $ 2,091,116    
Insured-General Obligations — 2.7%      
$ 1,500     Puerto Rico, (FSA), Variable Rate,
8.462%, 7/1/27(1)(3)
  $ 1,801,365    
            $ 1,801,365    
Insured-Hospital — 7.2%      
$ 1,000     Coral Gables, Health Facilities Authority, (Baptist Health
System of South Florida), (FSA), 5.00%, 8/15/29
  $ 1,065,370    
  1,000     Maricopa County, AZ, Industrial Development Authority,
(Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37
    1,030,120    
  1,350     Miami-Dade County, Health Facilities Authority,
(Miami Children's Hospital), (AMBAC), 5.125%, 8/15/26
    1,423,629    
  1,250     South Miami, Health Facility Authority Hospital Revenue,
(Baptist Health), (AMBAC), 5.25%, 11/15/33
    1,334,250    
            $ 4,853,369    

 

See notes to financial statements
15



Eaton Vance Florida Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Housing — 1.7%      
$ 1,100     Broward County, Housing Finance Authority, Multifamily
Housing, (Venice Homes Apartments), (FSA), (AMT),
5.70%, 1/1/32
  $ 1,132,923    
            $ 1,132,923    
Insured-Miscellaneous — 5.5%      
$ 3,500     Orange County, Tourist Development Tax, (AMBAC),
5.125%, 10/1/30
  $ 3,708,040    
            $ 3,708,040    
Insured-Other Revenue — 3.0%      
$ 2,000     Miami-Dade County, (Professional Sports Franchise),
(MBIA), 4.75%, 10/1/30
  $ 2,038,200    
            $ 2,038,200    
Insured-Special Tax Revenue — 20.1%      
$ 1,485     Cape Coral, Special Obligation, (MBIA),
4.50%, 10/1/36
  $ 1,502,003    
  970     Dade County, Special Obligation Residual Certificates,
(AMBAC), Variable Rate, 7.515%, 10/1/35(1)(3)
    1,022,778    
  2,100     Jacksonville, Sales Tax, (AMBAC),
5.00%, 10/1/30
    2,189,061    
  1,470     Miami Beach, Resort Tax, (AMBAC),
6.25%, 10/1/22
    1,876,190    
  3,040     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/35
    732,610    
  5,000     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/38
    1,022,800    
  5,610     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/40
    1,031,174    
  1,395     Miami-Dade County, Special Obligation, (MBIA),
5.00%, 10/1/37
    1,432,079    
  3,300     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/35
    981,288    
  1,850     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/30
    687,053    
  1,000     Sumter Landing Community Development District,
(Recreational Revenue), (MBIA), 4.75%, 10/1/35
    1,037,730    
            $ 13,514,766    
Insured-Transportation — 30.5%      
$ 2,250     Florida Ports Financing Commission, (FGIC), (AMT),
5.50%, 10/1/29
  $ 2,368,598    
  4,500     Greater Orlando, Aviation Authority, (FGIC), (AMT),
5.25%, 10/1/18(4)(5)
    4,707,270    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation (continued)      
$ 400     Hillsborough County Port District, (Tampa Port Authority
Project), (MBIA), (AMT), 5.00%, 6/1/26
  $ 425,184    
  2,000     Hillsborough County Port District, (Tampa Port Authority
Project), (MBIA), (AMT), 5.00%, 6/1/36
    2,133,340    
  500     Lee County Airport, (FSA), (AMT),
5.75%, 10/1/25
    538,705    
  650     Lee County Airport, (FSA), (AMT),
6.00%, 10/1/29
    706,063    
  500     Miami-Dade County, Aviation Revenue, (Miami
International Airport), (CIFG), (AMT), 5.00%, 10/1/38
    530,765    
  3,495     Miami-Dade County, Aviation Revenue, (Miami
International Airport), (CIFG), (AMT), 5.00%, 10/1/38(4)(5)
    3,710,047    
  3,750     Palm Beach County Airport System, (MBIA), (AMT),
5.00%, 10/1/34
    4,008,188    
  1,250     Puerto Rico Highway and Transportation Authority, (MBIA),
5.50%, 7/1/36
    1,426,363    
            $ 20,554,523    
Insured-Water and Sewer — 28.4%      
$ 1,000     Emerald Coast, Utility Authority Revenue, (FGIC),
4.75%, 1/1/31
  $ 1,041,540    
  3,795     Fort Lauderdale, Water and Sewer, (MBIA),
4.50%, 9/1/35
    3,848,054    
  2,000     Marco Island, Utility System, (MBIA),
5.00%, 10/1/33(6)
    2,121,560    
  1,500     Miami Beach, Storm Water, (FGIC),
5.375%, 9/1/30
    1,596,465    
  1,000     Okeechobee Utility Authority, (FSA),
5.00%, 10/1/25
    1,038,970    
  7,625     Port St. Lucie, Utility System Revenue, (MBIA),
0.00%, 9/1/32
    2,005,375    
  4,000     Sunrise, Utility System, (AMBAC),
5.00%, 10/1/28
    4,383,920    
  1,156     Tampa Bay, Water Utility System, (FGIC),
4.75%, 10/1/27(4)(5)
    1,178,338    
  1,844     Tampa Bay, Water Utility System, (FGIC),
Prerefunded to 10/1/08, 4.75%, 10/1/27(4)(5)
    1,900,727    
            $ 19,114,949    
Nursing Home — 1.6%      
$ 265     Orange County, Health Facilities Authority,
(Westminster Community Care), 6.60%, 4/1/24
  $ 276,220    
  735     Orange County, Health Facilities Authority, (Westminster
Community Care), 6.75%, 4/1/34
    767,414    
            $ 1,043,634    

 

See notes to financial statements
16



Eaton Vance Florida Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Senior Living / Life Care — 2.3%      
$ 1,500     Lee County, Industrial Development Authority,
(Shell Point Village), 5.50%, 11/15/29
  $ 1,546,035    
            $ 1,546,035    
Special Tax Revenue — 17.4%      
$ 95     Covington Park Community Development District,
(Capital Improvements), 5.00%, 5/1/21
  $ 97,391    
  500     Covington Park Community Development District,
(Capital Improvements), 5.00%, 5/1/31
    515,750    
  400     Dupree Lakes Community Development District,
5.00%, 11/1/10
    400,264    
  360     Dupree Lakes Community Development District,
5.375%, 5/1/37
    364,356    
  320     Heritage Harbor South Community Development District,
(Capital Improvements), 6.20%, 5/1/35
    344,218    
  250     Heritage Springs Community Development District,
5.25%, 5/1/26
    254,500    
  765     Heritage Springs Community Development District,
6.75%, 5/1/21
    782,021    
  340     New River, Community Development District,
(Capital Improvements), 5.00%, 5/1/13
    339,932    
  140     New River, Community Development District,
(Capital Improvements), 5.35%, 5/1/38
    140,662    
  350     North Springs, Improvement District, (Heron Bay),
5.20%, 5/1/27
    356,115    
  660     North Springs, Improvement District, (Heron Bay),
7.00%, 5/1/19
    674,665    
  1,000     River Hall Community Development District,
(Capital Improvements), 5.45%, 5/1/36
    1,017,950    
  490     Southern Hills Plantation I Community Development District,
5.80%, 5/1/35
    509,507    
  600     Sterling Hill, Community Development District,
6.20%, 5/1/35
    643,974    
  500     Stoneybrook West, Community Development District,
7.00%, 5/1/32
    536,655    
  1,000     Tisons Landing, Community Development District,
5.625%, 5/1/37
    1,031,730    
  820     University Square, Community Development District,
6.75%, 5/1/20
    872,349    
  450     Vista Lakes, Community Development District,
7.20%, 5/1/32
    484,614    
  725     Waterlefe, Community Development District,
6.95%, 5/1/31
    790,286    
  175     West Palm Beach, Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/29
    184,191    
  1,270     West Palm Beach, Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/35
    1,329,779    
            $ 11,670,909    

 


 
Value
 
Total Tax-Exempt Investments — 162.9%
(identified cost $102,254,027)
  $ 109,568,046    
Other Assets, Less Liabilities — (10.1)%   $ (6,812,682 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (52.8)%
  $ (35,503,452 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 67,251,912    

 

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CDC IXIS Financial Guaranty North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

The Trust invests primarily in debt securities issued by Florida municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2006, 81.0% 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 3.9% to 28.4% of total investments.

(1)  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 November 30, 2006, the aggregate value of the securities is $4,283,796 or 6.4% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2006.

(3)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2006.

(4)  Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(5)  Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(6)  Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements
17



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 173.3%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 26.9%      
$ 500     Massachusetts Development Finance Agency,
(Belmont Hill School), 5.00%, 9/1/31
  $ 522,795    
  2,790     Massachusetts Development Finance Agency,
(Boston University), 5.45%, 5/15/59
    3,210,704    
  500     Massachusetts Development Finance Agency,
(Massachusetts College of Pharmacy), 5.75%, 7/1/33
    541,370    
  600     Massachusetts Development Finance Agency,
(Middlesex School), 5.00%, 9/1/33
    629,190    
  500     Massachusetts Development Finance Agency, (Mount
Holyoke College), 5.25%, 7/1/31
    530,015    
  1,500     Massachusetts Development Finance Agency,
(Wheeler School), 6.50%, 12/1/29
    1,592,385    
  1,000     Massachusetts Development Finance Agency, (Xaverian
Brothers High School), 5.65%, 7/1/29
    1,039,730    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Boston College), 5.125%, 6/1/33
    1,062,560    
  1,215     Massachusetts Health and Educational Facilities Authority,
(Massachusetts Institute of Technology), 5.25%, 7/1/33
    1,483,770    
  265     Massachusetts Health and Educational Facilities Authority,
(Williams College), 4.50%, 7/1/33
    269,224    
  500     Massachusetts Industrial Finance Agency, (Babson College),
5.25%, 10/1/27
    514,465    
  400     Massachusetts Industrial Finance Agency,
(Belmont Hill School), 5.25%, 9/1/28
    410,820    
            $ 11,807,028    
Electric Utilities — 5.0%      
$ 1,000     Massachusetts Development Finance Agency, (Devens
Electric System), 6.00%, 12/1/30
  $ 1,090,090    
  1,065     Massachusetts Development Finance Agency,
(Dominion Energy Brayton Point), (AMT),
5.00%, 2/1/36
    1,113,543    
            $ 2,203,633    
Escrowed / Prerefunded — 4.6%      
$ 400     Massachusetts Development Finance Agency, (Western
New England College), Prerefunded to 12/1/12,
6.125%, 12/1/32
  $ 457,552    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), Prerefunded to 7/1/10,
6.75%, 7/1/30
    1,102,620    
  1,000     Rail Connections, Inc., (Route 128 Parking), (ACA),
Prerefunded to 7/1/09, 0.00%, 7/1/20
    458,730    
            $ 2,018,902    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Health Care-Miscellaneous — 2.8%      
$ 510     Massachusetts Development Finance Agency,
(MCHSP Human Services), 6.60%, 8/15/29
  $ 516,176    
  700     Massachusetts Health and Educational Facilities Authority,
(Learning Center for Deaf Children), 6.125%, 7/1/29
    720,034    
            $ 1,236,210    
Hospital — 13.7%      
$ 1,000     Massachusetts Development Finance Agency,
(Biomedical Research Corp.), 6.25%, 8/1/20
  $ 1,095,250    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center), 5.75%, 7/1/33
    1,073,080    
  400     Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31
    435,224    
  105     Massachusetts Health and Educational Facilities Authority,
(Central New England Health Systems), 6.30%, 8/1/18
    105,442    
  1,100     Massachusetts Health and Educational Facilities Authority,
(Covenant Health), 6.00%, 7/1/31
    1,204,775    
  2,000     Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29
    2,111,500    
            $ 6,025,271    
Housing — 11.1%      
$ 2,100     Massachusetts Housing Finance Agency,
4.75%, 12/1/48(1)
  $ 2,108,148    
  650     Massachusetts Housing Finance Agency, (AMT),
5.00%, 12/1/28
    671,593    
  2,000     Massachusetts Housing Finance Agency, (AMT),
5.10%, 12/1/37
    2,079,000    
            $ 4,858,741    
Industrial Development Revenue — 1.6%      
$ 695     Massachusetts Industrial Finance Agency, (American
Hingham Water Co.), (AMT), 6.60%, 12/1/15
  $ 696,640    
            $ 696,640    
Insured-Education — 20.9%      
$ 1,000     Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39(2)
  $ 1,255,100    
  1,000     Massachusetts Development Finance Agency,
(Boston University), (XLCA), 5.375%, 5/15/39
    1,206,230    
  1,365     Massachusetts Development Finance Agency,
(College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(3)(4)
    1,658,884    
  1,600     Massachusetts Development Finance Agency,
(Franklin W. Olin College), (XLCA), 5.25%, 7/1/33
    1,716,176    

 

See notes to financial statements
18



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Education (continued)      
$ 1,700     Massachusetts Health and Educational Facilities Authority,
(Berklee College of Music), (MBIA), 5.10%, 10/1/27(3)(4)
  $ 1,750,762    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Northeastern University), (MBIA), 5.00%, 10/1/29
    1,036,400    
  500     Massachusetts Health and Educational Facilities Authority,
(UMass-Worcester Campus), (FGIC), 5.25%, 10/1/31
    532,635    
            $ 9,156,187    
Insured-Electric Utilities — 1.8%      
$ 750     Puerto Rico Electric Power Authority, (FSA),
5.25%, 7/1/29
  $ 795,780    
            $ 795,780    
Insured-General Obligations — 13.5%      
$ 3,000     Massachusetts, (AMBAC), 5.50%, 8/1/30(3)(4)   $ 3,713,290    
  500     Plymouth, (MBIA),
5.25%, 10/15/20
    534,020    
  900     Puerto Rico, (FSA), Variable Rate,
8.462%, 7/1/27(5)(6)
    1,080,819    
  600     Salisbury, (XLCA),
4.25%, 8/1/30
    602,100    
            $ 5,930,229    
Insured-Miscellaneous — 4.8%      
$ 2,000     Boston Convention Center, (AMBAC),
5.00%, 5/1/27
  $ 2,097,020    
            $ 2,097,020    
Insured-Other Revenue — 8.2%      
$ 2,750     Massachusetts Development Finance Agency, (WGBH
Educational Foundation), (AMBAC), 5.75%, 1/1/42(7)
  $ 3,580,830    
            $ 3,580,830    
Insured-Special Tax Revenue — 6.4%      
$ 1,500     Martha's Vineyard Land Bank, (AMBAC),
5.00%, 5/1/32(7)
  $ 1,592,865    
  680     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/28
    275,597    
  385     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/37
    104,135    
  570     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/30
    211,687    
  3,250     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/45
    620,458    
            $ 2,804,742    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 15.4%      
$ 1,020     Massachusetts Turnpike Authority, Metropolitan
Highway System, (MBIA), 0.00%, 1/1/29
  $ 397,729    
  3,200     Massachusetts Turnpike Authority, Metropolitan
Highway System, (MBIA), 5.00%, 1/1/37(3)(4)
    3,266,592    
  33     Massachusetts Turnpike Authority, Metropolitan
Highway System, (MBIA), Variable Rate,
6.249%, 1/1/37(5)(6)
    35,414    
  3,000     Puerto Rico Highway and Transportation Authority,
(AMBAC), 5.00%, 7/1/28(3)(4)
    3,083,070    
            $ 6,782,805    
Nursing Home — 2.6%      
$ 500     Boston Industrial Development Authority,
(Alzheimer's Center), (FHA), 6.00%, 2/1/37
  $ 511,790    
  600     Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29
    622,458    
            $ 1,134,248    
Senior Living / Life Care — 3.5%      
$ 1,500     Massachusetts Development Finance Agency,
(Berkshire Retirement), 5.625%, 7/1/29
  $ 1,550,025    
            $ 1,550,025    
Special Tax Revenue — 5.5%      
$ 2,000     Massachusetts Bay Transportation Authority,
(Sales Tax Revenue), 5.25%, 7/1/34
  $ 2,424,840    
            $ 2,424,840    
Transportation — 8.7%      
$ 2,700     Massachusetts Bay Transportation Authority,
5.00%, 3/1/27(3)(4)
  $ 2,736,585    
  1,000     Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/36
    1,062,160    
            $ 3,798,745    
Water and Sewer — 16.3%      
$ 2,000     Massachusetts Water Pollution Abatement Trust,
5.00%, 8/1/32
  $ 2,109,780    
  2,000     Massachusetts Water Pollution Abatement Trust,
5.25%, 8/1/33
    2,163,200    
  965     Massachusetts Water Pollution Abatement Trust,
5.375%, 8/1/27
    1,014,176    
  2,000     Massachusetts Water Resources Authority,
4.00%, 8/1/46
    1,866,020    
            $ 7,153,176    

 

See notes to financial statements
19



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

  Value  
Total Tax-Exempt Investments — 173.3%
(identified cost $70,167,838)
  $ 76,055,052    
Other Assets, Less Liabilities — 24.3%   $ (10,740,913 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (49.0)%
  $ (21,505,918 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 43,874,888    

 

ACA - ACA Financial Guaranty Corporation

AMBAC - AMBAC Financial Group, Inc.

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

FGIC - Financial Guaranty Insurance Company

FHA - Federal Housing Administration

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2006, 41.0% 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 1.8% to 21.2% of total investments.

(1)  When-issued security.

(2)  Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(3)  Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(4)  Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(5)  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 November 30, 2006, the aggregate value of the securities is $1,080,819 or 2.5% of the Trust's net assets applicable to common shares.

(6)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2006.

(7)  Security (or a portion thereof) has been segregated to cover when-issued securities.

See notes to financial statements
20



Eaton Vance Michigan Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 161.4%      
Principal Amount
(000's omitted)
 
Security
  Value  
Education — 5.8%      
$ 1,250     Michigan Higher Education Facilities Authority, (Creative
Studies), 5.90%, 12/1/27
  $ 1,340,187    
  540     Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35
    564,160    
            $ 1,904,347    
Electric Utilities — 7.3%      
$ 1,250     Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
  $ 1,320,400    
  1,000     Puerto Rico Electric Power Authority, 5.25%, 7/1/31     1,069,220    
            $ 2,389,620    
Escrowed / Prerefunded — 4.2%      
$ 500     Kent Hospital Finance Authority, (Spectrum Health),
Prerefunded to 7/15/11, 5.50%, 1/15/31
  $ 544,920    
  750     Michigan Hospital Finance Authority, (Ascension Health
Care), Prerefunded to 11/15/09, 6.125%, 11/15/26
    811,185    
            $ 1,356,105    
General Obligations — 12.1%      
$ 500     East Grand Rapids, Public School District, 5.00%, 5/1/25   $ 523,560    
  500     Garden City School District, Prerefunded to 5/1/11,
5.00%, 5/1/26
    529,715    
  1,000     Manistee Area Public Schools, 5.00%, 5/1/24     1,047,120    
  750     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
    811,050    
  1,000     White Cloud, Public Schools, Prerefunded to 5/1/11,
5.125%, 5/1/31
    1,047,110    
            $ 3,958,555    
Health Care-Miscellaneous — 0.7%      
$ 215     Pittsfield Township Economic Development Corp.,
(Arbor Hospice), 7.875%, 8/15/27
  $ 216,763    
            $ 216,763    
Hospital — 28.8%      
$ 500     Allegan Hospital Finance Authority, (Allegan General
Hospital), 7.00%, 11/15/21
  $ 537,525    
  125     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.20%, 1/1/25
    131,007    
  125     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.50%, 1/1/37
    131,217    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 560     Macomb County Hospital Finance Authority,
(Mount Clemens General Hospital), 5.875%, 11/15/34
  $ 596,602    
  500     Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18
    515,965    
  1,000     Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.25%, 10/1/27
    1,021,150    
  750     Michigan Hospital Finance Authority, (Henry Ford Health
System), 5.00%, 11/15/38
    789,975    
  1,000     Michigan Hospital Finance Authority, (Henry Ford Health
System), 5.25%, 11/15/46
    1,072,340    
  1,000     Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35
    1,046,840    
  750     Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21
    789,300    
  750     Michigan Hospital Finance Authority, (Sparrow Obligation
Group), 5.625%, 11/15/36
    799,837    
  1,000     Michigan Hospital Finance Authority, (Trinity Health),
6.00%, 12/1/27
    1,088,610    
  800     Saginaw Hospital Finance Authority, (Covenant Medical
Center), 6.50%, 7/1/30
    875,208    
            $ 9,395,576    
Industrial Development Revenue — 7.7%      
$ 1,000     Detroit Local Development Finance Authority, (Chrysler
Corp.), 5.375%, 5/1/21
  $ 1,018,100    
  800     Dickinson County Electronic Development Corp., (International
Paper Co.), 5.75%, 6/1/16
    861,784    
  625     Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26
    631,000    
            $ 2,510,884    
Insured-Electric Utilities — 8.7%      
$ 1,000     Michigan Strategic Fund Resource Recovery, (Detroit
Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29
  $ 1,059,640    
  500     Michigan Strategic Fund, Resource Recovery, (Detroit
Edison Co.), (XLCA), 5.25%, 12/15/32
    532,580    
  1,200     Puerto Rico Electric Power Authority, (MBIA),
4.75%, 7/1/33(1)(2)
    1,248,444    
            $ 2,840,664    
Insured-Escrowed / Prerefunded — 16.1%      
$ 1,000     Central Montcalm Public Schools, (MBIA), Prerefunded to
5/1/09, 6.00%, 5/1/29
  $ 1,057,600    
  2,000     Fenton Area Public Schools, (FGIC), Prerefunded to
5/1/08, 5.00%, 5/1/24
    2,041,280    

 

See notes to financial statements
21



Eaton Vance Michigan Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded (continued)      
$ 2,000     Novi Building Authority, (FSA), Prerefunded to 10/1/10,
5.50%, 10/1/25
  $ 2,158,700    
            $ 5,257,580    
Insured-General Obligations — 17.4%      
$ 1,000     Brandon School District, (FSA), 4.50%, 5/1/33   $ 1,014,940    
  500     Brandon School District, (FSA), 4.50%, 5/1/35     507,080    
  1,520     Coopersville, Public Schools District, (FSA),
4.50%, 5/1/36
    1,541,523    
  650     Detroit, School District, (FGIC), 4.75%, 5/1/28     663,605    
  750     Detroit, School District, (FSA), 5.25%, 5/1/32     902,085    
  200     Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25     203,074    
  700     Puerto Rico, (FSA), Variable Rate, 8.462%, 7/1/27(3)(4)     840,637    
            $ 5,672,944    
Insured-Hospital — 6.4%      
$ 1,000     Royal Oak, Hospital Finance Authority Revenue, (William
Beaumont Hospital), (MBIA), 5.25%, 11/15/35
  $ 1,054,090    
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical
Center), (MBIA), 5.50%, 7/1/24
    1,049,020    
            $ 2,103,110    
Insured-Lease Revenue / Certificates of
Participation — 4.2%
     
$ 4,300     Michigan State Building Authority, (FGIC),
0.00%, 10/15/30
  $ 1,381,977    
            $ 1,381,977    
Insured-Sewer Revenue — 3.2%      
$ 1,000     Detroit Sewer Disposal, (FGIC), 5.125%, 7/1/31   $ 1,051,810    
            $ 1,051,810    
Insured-Special Tax Revenue — 8.8%      
  455     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, Variable Rate,
7.315%, 7/1/28(3)(4)
    488,911    
  2,250     Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (MBIA), 5.00%, 12/1/30
    2,375,325    
            $ 2,864,236    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Student Loan — 6.4%      
$ 1,000     Michigan Higher Education Student Loan Authority,
(AMBAC), (AMT), 5.00%, 3/1/31
  $ 1,056,040    
  1,000     Michigan Higher Education Student Loan Authority,
(AMBAC), (AMT), 5.50%, 6/1/25(5)
    1,047,810    
            $ 2,103,850    
Insured-Transportation — 12.8%      
$ 2,010     Puerto Rico Highway and Transportation Authority, (AMBAC),
5.00%, 7/1/28(1)(2)
  $ 2,065,657    
  2,000     Wayne Charter County Airport, Residual Certificates, (MBIA),
(AMT), Variable Rate, 6.22%, 12/1/28(3)(6)
    2,099,980    
            $ 4,165,637    
Insured-Water Revenue — 5.3%      
$ 1,650     Detroit Water Supply System, (FGIC), 5.00%, 7/1/30   $ 1,717,403    
            $ 1,717,403    
Lease Revenue / Certificates of Participation — 0.8%      
$ 250     Puerto Rico, (Guaynabo Municipal Government Center Lease),
5.625%, 7/1/22
  $ 255,295    
            $ 255,295    
Transportation — 4.7%      
$ 1,500     Kent County Airport Facility, 5.00%, 1/1/25(1)(2)   $ 1,537,178    
            $ 1,537,178    
Total Tax-Exempt Investments — 161.4%
(identified cost $48,753,606)
  $ 52,683,534    
Other Assets, Less Liabilities — (7.8)%   $ (2,539,281 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (53.6)%
  $ (17,501,653 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 32,642,600    

 

AMBAC - AMBAC Financial Group, Inc.

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

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

See notes to financial statements
22



Eaton Vance Michigan Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2006, 55.3% 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 19.3% of total investments.

(1)  Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(2)  Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(3)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2006, the aggregate value of the securities is $3,429,528 or 10.5% of the Trust's net assets applicable to common shares.

(4)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2006.

(5)  Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(6)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2006.

See notes to financial statements
23




Eaton Vance New Jersey Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 173.9%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 4.6%      
$ 3,250     New Jersey Educational Facilities Authority, (Stevens
Institute of Technology), 5.25%, 7/1/32
  $ 3,432,000    
            $ 3,432,000    
Electric Utilities — 9.2%      
$ 5,000     Puerto Rico Electric Power Authority, 5.125%, 7/1/29   $ 5,303,400    
  1,500     Salem County, Pollution Control Financing,
(Public Service Enterprise Group, Inc.), (AMT),
5.75%, 4/1/31
    1,613,025    
            $ 6,916,425    
Escrowed / Prerefunded — 5.5%      
$ 3,935     New Jersey Educational Facilities Authority,
(Princeton University), Prerefunded to 7/1/10,
5.00%, 7/1/20
  $ 4,107,235    
            $ 4,107,235    
General Obligations — 5.1%      
$ 3,500     Puerto Rico Public Buildings Authority,
Commonwealth Guaranteed, 5.25%, 7/1/29
  $ 3,784,900    
            $ 3,784,900    
Hospital — 26.6%      
$ 100     Camden County Improvement Authority,
(Cooper Health System), 5.00%, 2/15/25
  $ 104,335    
  90     Camden County Improvement Authority,
(Cooper Health System), 5.00%, 2/15/35
    93,424    
  100     Camden County Improvement Authority,
(Cooper Health System), 5.25%, 2/15/27
    106,363    
  2,750     Camden County Improvement Authority,
(Cooper Health System), 5.75%, 2/15/34
    3,004,182    
  1,035     New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), 5.75%, 7/1/25
    1,120,791    
  2,140     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.25%, 7/1/27
    2,193,115    
  1,765     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.375%, 7/1/33
    1,868,605    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34
    2,135,380    
  450     New Jersey Health Care Facilities Financing Authority,
(Hunterdon Medical Center), 5.125%, 7/1/35
    477,805    
  750     New Jersey Health Care Facilities Financing Authority,
(Palisades Medical Center), 6.50%, 7/1/21
    838,432    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 2,000     New Jersey Health Care Facilities Financing Authority,
(Robert Wood Johnson University Hospital),
5.75%, 7/1/31
  $ 2,143,740    
  1,450     New Jersey Health Care Facilities Financing Authority,
(Saint Peters University Hospital), 6.875%, 7/1/20
    1,595,290    
  1,500     New Jersey Health Care Facilities Financing Authority,
(South Jersey Hospital), 5.00%, 7/1/46
    1,569,000    
  1,900     New Jersey Health Care Facilities Financing Authority,
(St. Elizabeth's Hospital), 6.00%, 7/1/20
    1,958,235    
  600     New Jersey Health Care Facilities Financing Authority,
(Trinitas Hospital), 7.50%, 7/1/30
    669,888    
            $ 19,878,585    
Industrial Development Revenue — 9.4%      
$ 1,000     Gloucester County, Improvements Authority, (Waste
Management, Inc.), (AMT), 7.00%, 12/1/29
  $ 1,079,100    
  3,000     Middlesex County, Pollution Control Authority,
(Amerada Hess), 6.05%, 9/15/34
    3,266,550    
  1,000     New Jersey Economic Development Authority,
(Anheuser-Busch), (AMT), 5.85%, 12/1/30
    1,011,610    
  750     New Jersey Economic Development Authority,
(Continental Airlines), (AMT), 6.25%, 9/15/29
    777,022    
  750     New Jersey Economic Development Authority,
(Continental Airlines), (AMT), 9.00%, 6/1/33
    934,162    
            $ 7,068,444    
Insured-Education — 14.7%      
$ 1,850     New Jersey Educational Facilities Authority,
(Ramapo College), (AMBAC), 4.25%, 7/1/27
  $ 1,848,687    
  2,000     New Jersey Educational Facilities Authority,
(Ramapo College), (AMBAC), 4.25%, 7/1/31
    1,986,360    
  890     New Jersey Educational Facilities Authority,
(Richard Stockton College), (MBIA), 4.25%, 7/1/36
    887,739    
  1,300     New Jersey Educational Facilities Authority,
(Rowan University), (MBIA), 4.50%, 7/1/31
    1,319,695    
  4,800     Puerto Rico Industrial, Tourist, Educational,
Medical and Environmental, Residual Certificates,
(MBIA), 5.00%, 7/1/33(1)(2)
    4,991,232    
            $ 11,033,713    
Insured-Electric Utilities — 1.7%      
$ 1,250     Vineland, (Electric Utility), (MBIA), (AMT),
5.25%, 5/15/26
  $ 1,309,425    
            $ 1,309,425    

 

See notes to financial statements
24



Eaton Vance New Jersey Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded — 12.1%      
$ 330     New Jersey Economic Development Authority,
(FSA), Prerefunded to 5/1/09, Variable Rate,
8.348%, 5/1/17(5)(7)
  $ 370,646    
  3,750     New Jersey Economic Development Authority,
(FSA), Prerefunded to 5/1/09, 5.25%, 5/1/17(1)(2)
    3,903,963    
  4,500     New Jersey Turnpike Authority, (MBIA), Prerefunded
to 1/1/10, 5.50%, 1/1/30(1)(2)
    4,762,980    
            $ 9,037,589    
Insured-Gas Utilities — 6.9%      
$ 5,000     New Jersey Economic Development Authority, (New Jersey
Natural Gas Co.), (FGIC), (AMT), 4.90%, 10/1/40
  $ 5,200,800    
            $ 5,200,800    
Insured-General Obligations — 11.1%      
$ 1,730     Bordentown Regional Board of Education, (MBIA),
4.25%, 1/15/33
  $ 1,728,564    
  125     Hudson County, Improvements Authority, (CIFG),
4.25%, 9/1/28
    124,729    
  2,000     Hudson County, Improvements Authority, (MBIA),
0.00%, 12/15/33
    629,640    
  3,500     Irvington Township, (FSA), 0.00%, 7/15/24     1,691,060    
  5,500     Irvington Township, (FSA), 0.00%, 7/15/25     2,540,670    
  750     Madison Borough Board of Education, (MBIA),
4.75%, 7/15/35
    784,253    
  931     Stafford Township, (MBIA), 3.00%, 7/1/30     775,234    
            $ 8,274,150    
Insured-Housing — 6.1%      
$ 3,390     New Jersey Housing and Mortgage Finance Agency, (FSA),
(AMT), 5.05%, 5/1/34
  $ 3,455,698    
  810     New Jersey Housing and Mortgage Finance Agency,
Multifamily Housing, (FGIC), (AMT), 5.00%, 11/1/36
    841,104    
  230     New Jersey Housing and Mortgage Finance Agency,
Multifamily Housing, (FSA), 5.75%, 5/1/25
    240,996    
            $ 4,537,798    
Insured-Lease Revenue / Certificates of
Participation — 0.8%
     
$ 585     Gloucester County, Improvements Authority, (MBIA),
4.75%, 9/1/30
  $ 612,916    
            $ 612,916    
Insured-Special Tax Revenue — 15.3%      
$ 12,030     Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/24
  $ 5,742,280    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Special Tax Revenue (continued)      
$ 7,100     Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/27
  $ 2,969,930    
  6,000     Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/25(3)
    2,737,980    
            $ 11,450,190    
Insured-Transportation — 13.1%      
$ 1,000     Delaware River Port Authority, (FSA), 5.625%, 1/1/26   $ 1,057,120    
  3,250     Delaware River Port Authority, (FSA), 5.75%, 1/1/26(4)     3,445,423    
  3,750     Newark Housing Authority, (Newark Marine Terminal),
(MBIA), 5.00%, 7/1/37(1)(2)
    3,975,713    
  1,280     Port Authority of New York and New Jersey, (CIFG), (AMT),
4.50%, 9/1/35
    1,295,642    
            $ 9,773,898    
Insured-Water and Sewer — 2.8%      
$ 5,000     Rahway Valley Sewerage Authority, (MBIA),
0.00%, 9/1/27
  $ 2,093,250    
            $ 2,093,250    
Nursing Home — 2.8%      
$ 1,000     New Jersey Economic Development Authority, (Masonic
Charity Foundation), 5.50%, 6/1/31
  $ 1,074,330    
  955     New Jersey Economic Development Authority,
(Victoria Health), 5.20%, 12/20/36(5)
    1,029,729    
            $ 2,104,059    
Other Revenue — 6.3%      
$ 7,200     Children's Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/50
  $ 497,880    
  6,100     Children's Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/55
    220,332    
  950     Tobacco Settlement Financing Corp., 6.75%, 6/1/39     1,093,308    
  2,500     Tobacco Settlement Financing Corp., 6.75%, 6/1/39(1)(2)     2,877,125    
            $ 4,688,645    
Senior Living / Life Care — 3.2%      
$ 1,700     New Jersey Economic Development Authority,
(Fellowship Village), 5.50%, 1/1/25
  $ 1,738,318    
  675     New Jersey Economic Development Authority,
(Seabrook Village), 5.25%, 11/15/36(6)
    692,624    
            $ 2,430,942    

 

See notes to financial statements
25



Eaton Vance New Jersey Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Special Tax Revenue — 7.3%      
$ 750     New Jersey Economic Development Authority, (Cigarette Tax),
5.50%, 6/15/31
  $ 803,340    
  1,310     New Jersey Economic Development Authority, (Cigarette Tax),
5.75%, 6/15/29
    1,432,799    
  3,000     New Jersey Economic Development Authority, (Cigarette Tax),
5.75%, 6/15/34(1)(2)
    3,261,090    
            $ 5,497,229    
Transportation — 9.3%      
$ 4,800     Port Authority of New York and New Jersey,
5.375%, 3/1/28(1)(2)
  $ 5,711,760    
  1,175     South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33
    1,235,936    
            $ 6,947,696    
Total Tax-Exempt Investments — 173.9%
(identified cost $119,685,120)
  $ 130,179,889    
Other Assets, Less Liabilities — (23.1)%   $ (17,320,355 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (50.8)%
  $ (38,013,948 )  
Net Assets Applicable
to Common Shares — 100.0%
  $ 74,845,586    

 

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CDC IXIS Financial Guaranty North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2006, 48.6% 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 1.1% to 21.6% of total investments.

(1)  Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(2)  Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(3)  Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(4)  Security (or a portion thereof) has been segregated to cover when-issued securities.

(5)  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 November 30, 2006, the aggregate value of the securities is $1,400,375 or 1.9% of the Trust's net assets applicable to common shares.

(6)  When-issued security.

(7)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2006.

See notes to financial statements
26



Eaton Vance New York Municipal Income Trust as of November 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 174.4%      
Principal Amount
(000's omitted)
  Security   Value  
Cogeneration — 1.3%      
$ 1,150     Suffolk County Industrial Development Agency, (Nissequogue
Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23(6)
  $ 1,152,231    
            $ 1,152,231    
Education — 8.9%      
$ 1,000     Dutchess County Industrial Development Agency,
(Marist College), 5.00%, 7/1/20
  $ 1,049,980    
  1,145     Hempstead Industrial Development Agency, (Adelphi
University), 4.50%, 10/1/24
    1,163,732    
  450     Hempstead Industrial Development Agency, (Adelphi
University), 5.00%, 10/1/35
    476,833    
  4,980     Hempstead Industrial Development Agency, (Hofstra
University Civic Facilities), 5.00%, 7/1/33
    5,211,371    
            $ 7,901,916    
Electric Utilities — 13.3%      
$ 1,475     Long Island Power Authority, Electric System Revenue,
5.00%, 12/1/35
  $ 1,578,014    
  4,100     New York Power Authority, 5.25%, 11/15/40     4,325,746    
  1,500     Puerto Rico Electric Power Authority, 5.125%, 7/1/29     1,591,020    
  2,000     Puerto Rico Electric Power Authority, 5.25%, 7/1/31     2,138,440    
  2,100     Suffolk County Industrial Development Agency,
(Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27
    2,216,382    
            $ 11,849,602    
Escrowed / Prerefunded — 6.8%      
$ 200     New York City Industrial Development Agency,
(Ohel Children's Home), Prerefunded to 3/15/22,
6.25%, 8/15/22
  $ 212,360    
  4,385     New York Dormitory Authority, (Court Facility), Prerefunded
to 5/15/10, 6.00%, 5/15/39
    4,783,202    
  1,000     Suffolk County Industrial Development Agency, (Jefferson's
Ferry Project), Prerefunded to 11/1/09, 7.20%, 11/1/19
    1,105,300    
            $ 6,100,862    
General Obligations — 9.1%      
$ 6,000     New York City, 5.25%, 9/15/33   $ 6,462,180    
  1,500     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
    1,622,100    
            $ 8,084,280    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Health Care-Miscellaneous — 5.9%      
$ 1,185     New York City Industrial Development Agency, (A Very
Special Place, Inc.), 5.75%, 1/1/29
  $ 1,190,605    
  1,300     New York City Industrial Development Agency, (Ohel
Children's Home), 6.25%, 8/15/22
    1,217,567    
  50     Suffolk County Industrial Development Agency,
(Alliance of LI), 7.50%, 9/1/15
    54,069    
  100     Suffolk County Industrial Development Agency,
(Alliance of LI), 7.50%, 9/1/15
    108,139    
  2,600     Westchester County Industrial Development Agency,
(Children's Village), 5.375%, 3/15/19
    2,667,288    
            $ 5,237,668    
Hospital — 17.3%      
$ 210     Chautauqua County Industrial Development Agency,
(Women's Christian Association), 6.35%, 11/15/17
  $ 221,092    
  485     Chautauqua County Industrial Development Agency,
(Women's Christian Association), 6.40%, 11/15/29
    509,400    
  1,250     Fulton County Industrial Development Agency,
(Nathan Littauer Hospital), 6.00%, 11/1/18
    1,271,712    
  2,500     Monroe County Industrial Development Agency,
(Highland Hospital), 5.00%, 8/1/25
    2,593,300    
  400     Nassau County Industrial Development Agency, (North Shore
Health System), 6.25%, 11/1/21
    437,016    
  2,700     New York City Health and Hospital Corp., (Health Systems),
5.25%, 2/15/17
    2,793,555    
  300     New York City Health and Hospital Corp., (Health Systems),
5.375%, 2/15/26
    316,605    
  1,500     New York Dormitory Authority, (Lenox Hill Hospital),
5.50%, 7/1/30
    1,583,910