UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-09153

 

Eaton Vance 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:

May 31, 2007

 

 




Item 1. Reports to Stockholders




Semiannual Report May 31, 2007

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 May 31, 2007

TABLE OF CONTENTS

Investment Update

 

2

 

 

 

Lipper Rankings

 

3

 

 

 

Performance Information and Portfolio Composition

 

 

 

 

 

California Municipal Income Trust

 

4

Florida Municipal Income Trust

 

5

Massachusetts Municipal Income Trust

 

6

Michigan Municipal Income Trust

 

7

New Jersey Municipal Income Trust

 

8

New York Municipal Income Trust

 

9

Ohio Municipal Income Trust

 

10

Pennsylvania Municipal Income Trust

 

11

 

 

 

Financial Statements

 

12

 

 

 

Other Matters

 

69

 

 

 

Dividend Reinvestment Plan

 

70

 

 

 

Board of Trustees’ Annual Approval of the Investment Advisory Agreements

 

72

 

 

 

Investment Management

 

75

 

1




Eaton Vance Municipal Income Trusts as of May 31, 2007

INVESTMENT UPDATE

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

First quarter economic growth rose 0.6% following the 2.5% growth rate achieved in the fourth quarter of 2006. The housing sector continued to struggle, with the subprime sector experiencing continuing pressure, and short-term variable rate mortgages resetting higher.  Building permits and housing starts have both fallen significantly from their highs in early 2006, while sales of new and existing homes both peaked in 2005. Away from housing and autos, the economy appears to be slowing but in a somewhat controlled manner.

Inflation measures have remained somewhat elevated on an absolute level, while core inflation measures (less food and energy) are fairly well contained. With this backdrop, the Fed is in a pausing mode, awaiting further economic inputs to determine the future direction of interest rate moves. At May 31, 2007, the Federal Funds rate stood at 5.25%.

Municipal market supply rose during the first five months of 2007, resulting in underperformance of the municipal sector. On May 31, 2007, long-term AAA-rated municipal bonds yielded 86.6% of yields on U.S. Treasury bonds with similar maturities.*

For the six months ended May 31, 2007, the Lehman Brothers Municipal Bond Index† (the “Index”), an unmanaged index of municipal bonds, posted a gain of 0.30%. 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 two years — with shorter-maturity 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 holders of Auction Preferred Shares. As these costs have risen, the net income available to common shareholders 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 May 31, 2007.

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 Municipal Income Trusts as of May 31, 2007

LIPPER RANKINGS

LIPPER QUINTILE RANKINGS BY TOTAL RETURN at 5/31/07

TRUST

 

1-YEAR

 

3-YEAR

 

5-YEAR

 

 

 

 

 

 

 

CALIFORNIA MUNICIPAL INCOME TRUST

 

1ST

 

2ND

 

1ST

CALIFORNIA MUNICIPAL DEBT FUNDS CLASSIFICATION

 

5 of 24

 

7 of 24

 

3 of 21

 

 

 

 

 

 

 

FLORIDA MUNICIPAL INCOME TRUST

 

1ST

 

2ND

 

2ND

FLORIDA MUNICIPAL DEBT FUNDS CLASSIFICATION

 

2 of 16

 

6 of 16

 

3 of 12

 

 

 

 

 

 

 

MASSACHUSETTS MUNICIPAL INCOME TRUST

 

1ST

 

1ST

 

1ST

OTHER STATES MUNICIPAL DEBT FUNDS CLASSIFICATION

 

4 of 46

 

4 of 46

 

1 of 37

 

 

 

 

 

 

 

MICHIGAN MUNICIPAL INCOME TRUST

 

2ND

 

2ND

 

2ND

MICHIGAN MUNICIPAL DEBT FUNDS CLASSIFICATION

 

2 of 7

 

2 of 7

 

2 of 6

 

 

 

 

 

 

 

NEW JERSEY MUNICIPAL INCOME TRUST

 

1ST

 

2ND

 

2ND

NEW JERSEY MUNICIPAL DEBT FUNDS CLASSIFICATION

 

2 of 13

 

4 of 13

 

3 of 12

 

 

 

 

 

 

 

NEW YORK MUNICIPAL INCOME TRUST

 

1ST

 

2ND

 

1ST

NEW YORK MUNICIPAL DEBT FUNDS CLASSIFICATION

 

1 of 18

 

6 of 18

 

2 of 15

 

 

 

 

 

 

 

OHIO MUNICIPAL INCOME TRUST

 

2ND

 

1ST

 

1ST

OTHER STATES MUNICIPAL DEBT FUNDS CLASSIFICATION

 

16 of 46

 

6 of 46

 

3 of 37

 

 

 

 

 

 

 

PENNSYLVANIA MUNICIPAL INCOME TRUST

 

1ST

 

1ST

 

1ST

PENNSYLVANIA MUNICIPAL DEBT FUNDS CLASSIFICATION

 

2 of 9

 

2 of 9

 

1 of 8

 

Source: Lipper Inc. Rankings are based on percentage change in net asset value with all distributions reinvested. Past performance is no guarantee of future results. It is not possible to invest in a Lipper Classification.

3




Eaton Vance California Municipal Income Trust as of May 31, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 5/31/07(1)

AMEX Symbol

 

CEV

 

 

 

 

 

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

 

 

 

Six Months

 

5.64

%

One Year

 

8.48

 

Five Years

 

7.95

 

Life of Trust (1/29/99)

 

6.55

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-1.05

%

One Year

 

6.79

 

Five Years

 

8.84

 

Life of Trust (1/29/99)

 

6.83

 

 

Market Yields

Market Yield(2)

 

4.35

%(4)

Taxable Equivalent Market Yield(3)

 

7.38

 

 

Index Performance(5)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

0.30

%

One Year

 

4.84

 

Five Years

 

4.94

 

Life of Trust (1/31/99)

 

4.96

 

 

Lipper Averages(6)

Lipper California Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

Six Months

 

-0.38

%

One Year

 

5.88

 

Five Years

 

6.86

 

Life of Trust (1/31/99)

 

5.58

 

 

Portfolio Manager: Cynthia J. Clemson

Rating Distribution*(7),(8)

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 May 31, 2007, is as follows, and the average rating is AA–:

AAA

 

 

46.6

%

AA

 

 

6.7

%

A

 

 

27.3

%

BBB

 

 

9.8

%

Not Rated

 

 

9.6

%

 

Trust Statistics(8),(9)

·   Number of Issues:

 

92

 

·   Average Maturity:

 

22.8

 years

·   Average Effective Maturity:

 

10.1

 years

·   Average Call Protection:

 

7.6

 years

·   Leverage:**

 

34

%

 


**

The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets deemed held pursuant to FAS Statement No. 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 common share of the semiannual period by the share price at the end of the semiannual period 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) The dividend declared on June 29, 2007, reflects a reduction of the monthly dividend of $0.000833 per share.

(5) 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.

(6) The Lipper Averages are the average annual 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 24, 24, 21 and 13 funds for the 6-month, 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(7) As of 5/31/07. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(8) Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(9) As of 5/31/07. Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements.

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.

4




Eaton Vance Florida Municipal Income Trust as of May 31, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 5/31/07(1)

AMEX Symbol

 

FEV

 

 

 

 

 

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

 

 

 

Six Months

 

3.75

%

One Year

 

11.91

 

Five Years

 

6.87

 

Life of Trust (1/29/99)

 

5.62

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

0.17

%

One Year

 

6.36

 

Five Years

 

8.02

 

Life of Trust (1/29/99)

 

6.55

 

 

Market Yields

Market Yield(2)

 

4.56

%(4)

Taxable Equivalent Market Yield(3)

 

7.02

 

 

Index Performance(5)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

0.30

%

One Year

 

4.84

 

Five Years

 

4.94

 

Life of Trust (1/31/99)

 

4.96

 

 

Lipper Averages(6)

Lipper Florida Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

Six Months

 

-0.45

%

One Year

 

4.91

 

Five Years

 

6.10

 

Life of Trust (1/31/99)

 

5.15

 

 

Portfolio Manager: Cynthia J. Clemson

Rating Distribution*(7),(8)

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 May 31, 2007, is as follows, and the average rating is AA:

AAA

 

 

63.3

%

AA

 

 

6.4

%

A

 

 

12.7

%

BBB

 

 

2.1

%

BB

 

 

0.6

%

Not Rated

 

 

14.9

%

 

Trust Statistics(8),(9)

·   Number of Issues:

 

88

 

·   Average Maturity:

 

24.8

 years

·   Average Effective Maturity:

 

8.0

 years

·   Average Call Protection:

 

5.9

 years

·   Leverage:**

 

35

%

 


**   The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets deemed held pursuant to FAS Statement No. 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 common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 35.00% federal income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) The dividend declared on June 29, 2007, reflects a reduction of the monthly dividend of $0.001667 per share.

(5) 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.

(6) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Florida Municipal Debt Funds Classification (closed-end) contained 16, 16, 12 and 10 funds for the 6-month, 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(7) As of 5/31/07. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(8) Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(9) As of 5/31/07. Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements.

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.

5




Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 5/31/07(1)

AMEX Symbol

 

MMV

 

 

 

 

 

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

 

 

 

Six Months

 

1.73

%

One Year

 

0.07

 

Five Years

 

6.16

 

Life of Trust (1/29/99)

 

5.80

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.95

%

One Year

 

6.48

 

Five Years

 

8.63

 

Life of Trust (1/29/99)

 

6.48

 

 

Market Yields

Market Yield(2)

 

4.30

%

Taxable Equivalent Market Yield(3)

 

6.99

 

 

Index Performance(4)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

0.30

%

One Year

 

4.84

 

Five Years

 

4.94

 

Life of Trust (1/31/99)

 

4.96

 

 

Lipper Averages(5)

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

 

 

 

Six Months

 

-0.64

%

One Year

 

5.25

 

Five Years

 

6.68

 

Life of Trust (1/31/99)

 

5.62

 

 

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 May 31, 2007, is as follows, and the average rating is AA-:

AAA

 

 

46.8

%

AA

 

 

16.4

%

A

 

 

18.8

%

BBB

 

 

10.5

%

BB

 

 

1.1

%

Not Rated

 

 

6.4

%

 

Trust Statistics(7),(8)

·   Number of Issues:

 

60

 

·   Average Maturity:

 

27.8

 years

·   Average Effective Maturity:

 

14.2

 years

·   Average Call Protection:

 

9.1

 years

·   Leverage:**

 

34

%

 


**          The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets deemed held pursuant to FAS Statement No. 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 common share of the semiannual period by the share price at the end of the semiannual period 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 annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 46, 46, 37 and 20 funds for the 6-month, 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) As of 5/31/07. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) As of 5/31/07. Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements.

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.

6




Eaton Vance Michigan Municipal Income Trust as of May 31, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 5/31/07(1)

AMEX Symbol

 

EMI

 

 

 

 

 

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

 

 

 

Six Months

 

4.11

%

One Year

 

10.37

 

Five Years

 

6.28

 

Life of Trust (1/29/99)

 

5.50

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.61

%

One Year

 

5.90

 

Five Years

 

7.27

 

Life of Trust (1/29/99)

 

6.03

 

 

Market Yields

Market Yield(2)

 

4.64

%(4)

Taxable Equivalent Market Yield(3)

 

7.43

 

 

Index Performance(5)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

0.30

%

One Year

 

4.84

 

Five Years

 

4.94

 

Life of Trust (1/31/99)

 

4.96

 

 

Lipper Averages(6)

Lipper Michigan Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

Six Months

 

-0.85

%

One Year

 

5.21

 

Five Years

 

6.28

 

Life of Trust (1/31/99)

 

5.49

 

 

Portfolio Manager: William H. Ahern, CFA

Rating Distribution*(7),(8)

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 May 31, 2007, is as follows, and the average rating is AA:

AAA

 

 

55.3

%

AA

 

 

12.8

%

A

 

 

13.2

%

BBB

 

 

12.5

%

BB

 

 

1.2

%

CCC

 

 

1.3

%

Not Rated

 

 

3.7

%

 

Trust Statistics(8),(9)

·   Number of Issues:

 

52

 

·   Average Maturity:

 

22.4

 years

·   Average Effective Maturity:

 

6.1

 years

·   Average Call Protection:

 

4.9

 years

·   Leverage:**

 

36

%

 


**          The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets deemed held pursuant to FAS Statement No. 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 common share of the semiannual period by the share price at the end of the semiannual period 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) The dividend declared on June 29, 2007, reflects a reduction of the monthly dividend of $0.002500 per share.

(5) 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.

(6) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed-end) contained 7, 7, 6, and 5 funds for the 6-month, 1-year, 5-year, and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(7) As of 5/31/07. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(8) Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(9) As of 5/31/07. Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements.

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.

7




Eaton Vance New Jersey Municipal Income Trust as of May 31, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 5/31/07(1)

AMEX Symbol

 

EVJ

 

 

 

 

 

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

 

 

 

Six Months

 

2.75

%

One Year

 

5.00

 

Five Years

 

7.33

 

Life of Trust (1/29/99)

 

6.30

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.51

%

One Year

 

8.94

 

Five Years

 

8.83

 

Life of Trust (1/29/99)

 

6.80

 

 

Market Yields

Market Yield(2)

 

4.46

%(4)

Taxable Equivalent Market Yield(3)

 

7.54

 

 

Index Performance(5)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

0.30

%

One Year

 

4.84

 

Five Years

 

4.94

 

Life of Trust (1/31/99)

 

4.96

 

 

Lipper Averages(6)

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

 

 

 

Six Months

 

-0.68

%

One Year

 

6.04

 

Five Years

 

6.96

 

Life of Trust (1/31/99)

 

5.63

 

 

Portfolio Manager: Robert B. MacIntosh, CFA

Rating Distribution*(7),(8)

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 May 31, 2007, is as follows, and the average rating is A+:

AAA

 

 

42.8

%

A

 

 

17.5

%

BBB

 

 

32.6

%

BB

 

 

0.2

%

B

 

 

1.5

%

Not Rated

 

 

5.4

%

 

Trust Statistics(8),(9)

·   Number of Issues:

 

66

 

·   Average Maturity:

 

24.2

 years

·   Average Effective Maturity:

 

9.3

 years

·   Average Call Protection:

 

7.5

 years

·   Leverage:**

 

32

%

 


**          The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets deemed held pursuant to FAS Statement No. 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 common share of the semiannual period by the share price at the end of the semiannual period 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) The dividend declared on June 29, 2007, reflects a reduction of the monthly dividend of $0.005417 per share.

(5) 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.

(6) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end) contained 13, 13, 12 and 8 funds for the 6-month, 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(7) As of 5/31/07. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(8) Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(9) As of 5/31/07. Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements.

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.

8




Eaton Vance New York Municipal Income Trust as of May 31, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 5/31/07(1)

AMEX Symbol

 

EVY

 

 

 

 

 

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

 

 

 

Six Months

 

3.32

%

One Year

 

9.35

 

Five Years

 

8.08

 

Life of Trust (1/29/99)

 

6.90

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.75

%

One Year

 

7.13

 

Five Years

 

8.74

 

Life of Trust (1/29/99)

 

7.06

 

 

Market Yields

Market Yield(2)

 

4.60

%(4)

Taxable Equivalent Market Yield(3)

 

7.60

 

 

 

 

 

 

Index Performance(5)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

0.30

%

One Year

 

4.84

 

Five Years

 

4.94

 

Life of Trust (1/31/99)

 

4.96

 

 

Lipper Averages(6)

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

 

 

 

Six Months

 

-0.31

%

One Year

 

5.51

 

Five Years

 

6.71

 

Life of Trust (1/31/99)

 

5.46

 

 

Portfolio Manager: Craig R. Brandon, CFA

Rating Distribution*(7),(8)

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 May 31, 2007, is as follows, and the average rating is A+:

AAA

 

 

32.4

%

AA

 

 

21.8

%

A

 

 

21.7

%

BBB

 

 

9.2

%

BB

 

 

1.0

%

B

 

 

1.7

%

Not Rated

 

 

12.2

%

 

Trust Statistics(8),(9)

·   Number of Issues:

 

69

 

·   Average Maturity:

 

23.6

 years

·   Average Effective Maturity:

 

10.7

 years

·   Average Call Protection:

 

7.7

 years

·   Leverage:**

 

33

%

 


**          The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets deemed held pursuant to FAS Statement No. 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 common share of the semiannual period by the share price at the end of the semiannual period 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) The dividend declared on June 29, 2007, reflects a reduction of the monthly dividend of $0.001667 per share.

(5) 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.

(6) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification (closed-end) contained 18, 18, 15 and 8 funds for the 6-month, 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(7) As of 5/31/07. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(8) Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(9) As of 5/31/07. Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements.

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.

9




Eaton Vance Ohio Municipal Income Trust as of May 31, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 5/31/07(1)

AMEX Symbol

 

EVO

 

 

 

 

 

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

 

 

 

Six Months

 

4.01

%

One Year

 

7.68

 

Five Years

 

6.48

 

Life of Trust (1/29/99)

 

5.87

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.55

%

One Year

 

5.61

 

Five Years

 

8.00

 

Life of Trust (1/29/99)

 

6.20

 

 

Market Yields

Market Yield(2)

 

4.52

%(4)

Taxable Equivalent Market Yield(3)

 

7.52

 

 

Index Performance(5)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

0.30

%

One Year

 

4.84

 

Five Years

 

4.94

 

Life of Trust (1/31/99)

 

4.96

 

 

Lipper Averages(6)

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

 

 

 

Six Months

 

-0.64

%

One Year

 

5.25

 

Five Years

 

6.68

 

Life of Trust (1/31/99)

 

5.62

 

 

Portfolio Manager: William H. Ahern, CFA

Rating Distribution*(7),(8)

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 May 31, 2007, is as follows, and the average rating is AA:

AAA

 

 

56.9

%

AA

 

 

13.9

%

A

 

 

17.2

%

BBB

 

 

4.2

%

B

 

 

2.1

%

Not Rated

 

 

5.7

%

 

Trust Statistics(8),(9)

·   Number of Issues:

 

66

 

·   Average Maturity:

 

22.0

 years

·   Average Effective Maturity:

 

7.3

 years

·   Average Call Protection:

 

6.4

 years

·   Leverage:**

 

35

%

 


**          The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets deemed held pursuant to FAS Statement No. 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 common share of the semiannual period by the share price at the end of the semiannual period 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) The dividend declared on June 29, 2007, reflects a reduction of the monthly dividend of $0.003333 per share.

(5) 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.

(6) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 46, 46, 37 and 20 funds for the 6-month, 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(7) As of 5/31/07. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(8) Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(9) As of 5/31/07. Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements.

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.

10




Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance as of 5/31/07(1)

 

AMEX Symbol

 

EVP

 

 

 

 

 

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

 

 

 

Six Months

 

1.94

%

One Year

 

5.21

 

Five Years

 

7.61

 

Life of Trust (1/29/99)

 

5.62

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

0.64

%

One Year

 

6.94

 

Five Years

 

8.00

 

Life of Trust (1/29/99)

 

6.26

 

 

Market Yields

Market Yield(2)

 

4.62

%(4)

Taxable Equivalent Market Yield(3)

 

7.33

 

 

Index Performance(5)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

0.30

%

One Year

 

4.84

 

Five Years

 

4.94

 

Life of Trust (1/31/99)

 

4.96

 

 

Lipper Averages(6)

Lipper Pennsylvania Municipal Debt Funds Classification – Average Annual Total Returns

 

 

 

Six Months

 

-0.43

%

One Year

 

5.53

 

Five Years

 

6.74

 

Life of Trust (1/31/99)

 

5.75

 

 

Portfolio Manager: Thomas M. Metzold, CFA

Rating Distribution*(7),(8)

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 May 31, 2007, is as follows, and the average rating is AA:

AAA

 

 

56.6

%

AA

 

 

14.3

%

A

 

 

11.7

%

BBB

 

 

6.9

%

BB

 

 

1.8

%

CCC

 

 

2.5

%

Not Rated

 

 

6.2

%

 

Trust Statistics(8),(9)

·   Number of Issues:

 

69

 

·   Average Maturity:

 

21.9

 years

·   Average Effective Maturity:

 

7.3

 years

·   Average Call Protection:

 

5.3

 years

·   Leverage:**

 

34

%

 


**          The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s total assets excluding assets deemed held pursuant to FAS Statement No. 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 common share of the semiannual period by the share price at the end of the semiannual period 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) The dividend declared on June 29, 2007, reflects a reduction of the monthly dividend of $0.002917 per share.

(5) 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.

(6) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed-end) contained 9, 9, 8 and 5 funds for the 6-month, 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(7) As of 5/31/07. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(8) Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(9) As of 5/31/07. Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1B to the Trust’s financial statements.

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.

11




Eaton Vance California Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 157.4%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 15.7%      
$ 1,000     California Educational Facilities Authority, (Dominican
University), 5.75%, 12/1/30
  $ 1,039,480    
  2,770     California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29
    2,867,781    
  500     California Educational Facilities Authority, (Pepperdine
University), 5.00%, 11/1/29
    514,770    
  1,850     California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23
    1,999,054    
  4,000     California Educational Facilities Authority, (Stanford
University), 5.125%, 1/1/31
    4,053,200    
  4,790     California Educational Facilities Authority, (University of
Southern California), 4.75%, 10/1/37
    4,901,751    
  2,500     San Diego County, Certificates of Participation, (University
of San Diego), 5.375%, 10/1/41
    2,578,350    
            $ 17,954,386    
Electric Utilities — 3.4%      
$ 2,500     Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27   $ 2,586,750    
  300     Puerto Rico Electric Power Authority, Variable Rate,
6.99%, 7/1/25(1)(2)
    339,465    
  900     Puerto Rico Electric Power Authority, Variable Rate,
6.99%, 7/1/37(1)(2)
    1,002,816    
            $ 3,929,031    
Escrowed / Prerefunded — 2.5%      
$ 1,080     California, Prerefunded to 4/1/12, 5.25%, 4/1/30   $ 1,149,725    
  1,590     Tahoe Forest, Hospital District, Prerefunded to 7/1/09,
5.85%, 7/1/22
    1,685,527    
            $ 2,835,252    
General Obligations — 6.7%      
$ 4,000     California, 4.50%, 8/1/30   $ 3,890,320    
  20     California, 5.25%, 4/1/30     21,061    
  3,500     California, 5.50%, 11/1/33     3,771,845    
            $ 7,683,226    
Hospital — 25.6%      
$ 4,200     California Health Facilities Financing Authority,
(Cedars-Sinai Medical Center), 5.00%, 11/15/34
  $ 4,272,324    
  750     California Infrastructure and Economic Development,
(Kaiser Hospital), 5.50%, 8/1/31
    785,017    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital — (continued)      
$ 3,900     California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35
  $ 3,965,949    
  1,750     California Statewide Communities Development Authority,
(John Muir Health), 5.00%, 8/15/36
    1,781,535    
  850     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.00%, 3/1/41
    860,149    
  3,100     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.25%, 3/1/45
    3,196,255    
  1,650     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.50%, 11/1/32
    1,724,035    
  1,750     California Statewide Communities Development Authority,
(Sonoma County Indian Health), 6.40%, 9/1/29
    1,830,727    
  1,500     California Statewide Communities Development Authority,
(Sutter Health), 5.50%, 8/15/28
    1,595,340    
  1,500     Duarte, Hope National Medical Center, (City of Hope),
5.25%, 4/1/24
    1,535,580    
  1,000     Stockton Health Facilities Authority, (Dameron Hospital),
5.70%, 12/1/14
    1,026,440    
  410     Tahoe Forest Hospital District, 5.85%, 7/1/22     428,958    
  2,000     Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31
    2,096,920    
  2,000     Turlock, (Emanuel Medical Center, Inc.),
5.375%, 10/15/34
    2,071,200    
  2,000     Washington Township Hospital Health Care District,
5.25%, 7/1/29
    2,043,860    
            $ 29,214,289    
Housing — 1.1%      
$ 747     Commerce (Hermitage III Senior Apartments),
6.50%, 12/1/29
  $ 803,804    
  431     Commerce (Hermitage III Senior Apartments),
6.85%, 12/1/29
    460,342    
            $ 1,264,146    
Industrial Development Revenue — 2.2%      
$ 2,500     California Statewide Communities Development Authority,
(Anheuser Busch Project), 4.80%, 9/1/46
  $ 2,455,150    
            $ 2,455,150    
Insured-Education — 5.7%      
$ 3,270     California Educational Facilities Authority, (Pooled
College and University), (MBIA), 5.10%, 4/1/23
  $ 3,361,789    
  3,000     California State University, (AMBAC), 5.00%, 11/1/33     3,118,050    
            $ 6,479,839    

 

See notes to financial statements
12



Eaton Vance California Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Electric Utilities — 9.1%      
$ 3,250     California Pollution Control Financing Authority, (Southern
California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31
  $ 3,383,315    
  2,500     California Pollution Control Financing Authority, PCR, (Pacific
Gas and Electric), (MBIA), (AMT), 5.35%, 12/1/16
    2,653,850    
  3,625     Los Angeles Department of Water and Power, Power System
Revenues, (FSA), 4.625%, 7/1/37
    3,636,999    
  500     Puerto Rico Electric Power Authority, (MBIA), Variable Rate,
8.495%, 7/1/16(1)(2)
    671,720    
            $ 10,345,884    
Insured-Escrowed / Prerefunded — 6.1%      
$ 5,130     Foothill/Eastern Transportation Corridor Agency, (FSA),
Escrowed to Maturity, 0.00%, 1/1/26
  $ 2,223,393    
  2,500     Los Angeles County Metropolitan Transportation Authority,
(FGIC), Prerefunded to 7/1/10, 5.25%, 7/1/30
    2,633,075    
  1,995     Puerto Rico Electric Power Authority, (FSA),
Prerefunded to 7/1/10, 5.25%, 7/1/29(3)
    2,100,589    
            $ 6,957,057    
Insured-General Obligations — 17.4%      
$ 1,650     California, RITES, (AMBAC), Variable Rate,
7.694%, 5/1/26(1)(2)
  $ 1,953,963    
  7,000     Coast Community College District, (Election of 2002),
(FSA), 0.00%, 8/1/34
    1,695,750    
  4,825     Coast Community College District, (FSA), 0.00%, 8/1/35     1,107,241    
  2,500     Puerto Rico, (FSA), Variable Rate, 5.62%, 7/1/27(1)(2)     2,883,450    
  4,800     San Diego Unified School District, (MBIA),
5.50%, 7/1/24(3)
    5,513,840    
  3,000     Simi Valley Unified School District, (MBIA), 5.00%, 8/1/28     3,136,650    
  7,995     Sweetwater Union High School District, (Election 2000),
(FSA), 0.00%, 8/1/25
    3,530,672    
            $ 19,821,566    
Insured-Hospital — 6.3%      
$ 3,200     California Statewide Communities Development Authority,
(Children's Hospital Los Angeles), (MBIA),
5.25%, 8/15/29(4)
  $ 3,308,640    
  3,735     California Statewide Communities Development Authority,
(Sutter Health), (FSA), 5.75%, 8/15/27(3)
    3,911,317    
            $ 7,219,957    
Insured-Lease Revenue / Certificates
of Participation — 7.8%
     
$ 6,500     Anaheim Public Financing Authority, Lease Revenue,
(Public Improvements), (FSA), 0.00%, 9/1/17
  $ 4,212,390    
  10,750     Anaheim Public Financing Authority, Lease Revenue,
(Public Improvements), (FSA), 0.00%, 9/1/25
    4,687,538    
            $ 8,899,928    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 8.8%      
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29
  $ 1,798,950    
  8,000     Alameda Corridor Transportation Authority, (MBIA),
0.00%, 10/1/31
    2,607,840    
  750     Puerto Rico Highway and Transportation Authority, (CIFG),
5.25%, 7/1/41(3)
    853,425    
  1,500     San Francisco City and County Airports Commission,
(FGIC), (AMT), Variable Rate, 7.014%, 5/1/30(1)(2)
    1,588,410    
  10,000     San Joaquin Hills Transportation Corridor Agency, (MBIA),
0.00%, 1/15/32
    3,240,000    
            $ 10,088,625    
Insured-Water and Sewer — 2.2%      
$ 2,700     Calleguas Las Virgines Public Financing Authority,
(Municipal Water District), (MBIA), 4.25%, 7/1/32
  $ 2,544,777    
            $ 2,544,777    
Insured-Water Revenue — 5.3%      
$ 4,400     Los Angeles, Department of Water and Power,
Water Revenue, (MBIA), 3.00%, 7/1/30
  $ 3,423,596    
  2,710     San Francisco City and County Public Utilities Commission,
(FSA), 4.25%, 11/1/33
    2,575,665    
            $ 5,999,261    
Lease Revenue / Certificates of Participation — 3.9%      
$ 4,000     Sacramento City Financing Authority, 5.40%, 11/1/20   $ 4,435,800    
            $ 4,435,800    
Other Revenue — 5.1%      
$ 385     California Infrastructure & Economic Development Bank,
(Performing Arts Center of Los Angeles County),
5.00%, 12/1/32
  $ 398,198    
  580     California Infrastructure & Economic Development Bank,
(Performing Arts Center of Los Angeles County),
5.00%, 12/1/37
    598,908    
  1,425     California Statewide Communities Development Authority,
(East Valley Tourist Development Authority),
8.25%, 10/1/14(1)
    1,525,178    
  3,350     Golden State Tobacco Securitization Corp.,
5.125%, 6/1/47
    3,330,235    
            $ 5,852,519    
Senior Living / Life Care — 0.8%      
$ 175     California Statewide Communities Development Authority,
(Presbyterian Senior Living), 4.75%, 11/15/26
  $ 171,406    

 

See notes to financial statements
13



Eaton Vance California Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Senior Living / Life Care — (continued)      
$ 700     California Statewide Communities Development Authority,
(Presbyterian Senior Living), 4.875%, 11/15/36
  $ 693,497    
            $ 864,903    
Special Tax Revenue — 17.2%      
$ 1,500     Bonita Canyon Public Financing Authority,
5.375%, 9/1/28
  $ 1,509,330    
  285     Brentwood Infrastructure Financing Authority,
5.00%, 9/2/26
    287,545    
  460     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34     461,339    
  1,665     Corona Public Financing Authority, 5.80%, 9/1/20     1,668,014    
  200     Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27
    200,498    
  500     Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36
    500,880    
  1,590     Fontana Redevelopment Agency, (Jurupa Hills),
5.60%, 10/1/27
    1,650,722    
  500     Jurupa Community Services District, (Community Facilities
District No. 16), 5.30%, 9/1/34
    508,865    
  1,305     Lincoln Public Financing Authority, Improvement Bond
Act of 1915, (Twelve Bridges), 6.20%, 9/2/25
    1,365,735    
  420     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24
    429,164    
  750     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29
    766,605    
  2,460     Oakland Joint Powers Financing Authority, 5.40%, 9/2/18     2,546,469    
  995     Oakland Joint Powers Financing Authority, 5.50%, 9/2/24     1,031,377    
  700     Rancho Cucamonga Public Financing Authority,
6.00%, 9/2/20
    728,805    
  1,325     San Pablo Redevelopment Agency, 5.65%, 12/1/23     1,386,189    
  1,500     Santa Margarita Water District, 6.20%, 9/1/20     1,588,605    
  250     Santaluz Community Facilities District No. 2, 6.10%, 9/1/21     250,780    
  500     Santaluz Community Facilities District No. 2, 6.20%, 9/1/30     501,485    
  250     Temecula Unified School District, 5.00%, 9/1/27     253,403    
  400     Temecula Unified School District, 5.00%, 9/1/37     400,704    
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     512,995    
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23
    1,036,840    
            $ 19,586,349    
Transportation — 1.0%      
$ 1,170     Port of Redwood City, (AMT), 5.125%, 6/1/30   $ 1,190,077    
            $ 1,190,077    

 

   
Value
 
Water and Sewer — 3.5%  
$ 3,840     East Bay Municipal Utility District, 5.00%, 6/1/37   $ 4,048,627    
        $ 4,048,627    
Total Tax-Exempt Investments — 157.4%
(identified cost $171,124,853)
  $ 179,670,649    
Other Assets, Less Liabilities — (5.7)%   $ (6,471,408 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (51.7)%
  $ (59,026,667 )  
Net Assets Applicable to Common
Shares — 100.0%
  $ 114,172,574    

 

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 May 31, 2007, 43.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 18.8% 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 May 31, 2007, the aggregate value of the securities is $9,965,002 or 8.7% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2007.

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

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

See notes to financial statements
14



Eaton Vance Florida Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 169.2%      
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
  $ 1,032,770    
            $ 1,032,770    
Escrowed / Prerefunded — 7.2%      
$ 500     Capital Trust Agency, (Seminole Tribe Convention),
Prerefunded to 10/1/12, 8.95%, 10/1/33(1)
  $ 606,545    
  1,805     Lakeland Hospital System,
(Lakeland Regional Health System), 5.50%, 11/15/32
    1,956,115    
  2,000     Orange County Health Facilities Authority,
(Adventist Health System), 5.625%, 11/15/32
    2,179,600    
            $ 4,742,260    
Health Care-Miscellaneous — 0.2%      
$ 155     Osceola County Industrial Development Authority,
Community Provider Pooled Loan, 7.75%, 7/1/17
  $ 155,160    
            $ 155,160    
Hospital — 17.4%      
$ 2,000     Brevard County Health Facilities Authority, (Health First, Inc.),
5.00%, 4/1/36
  $ 2,028,400    
  500     Highlands County Health Facilities Authority,
(Adventist Health System), 5.25%, 11/15/36
    518,470    
  1,030     Jacksonville Economic Development Authority, (Mayo Clinic),
5.00%, 11/15/36
    1,054,246    
  1,250     Jacksonville Economic Development Authority, (Mayo Clinic),
5.50%, 11/15/36
    1,325,925    
  1,000     Orange County Health Facilities Authority,
(Orlando Regional Healthcare), 4.75%, 11/15/36
    972,920    
  900     Orange County Health Facilities Authority,
(Orlando Regional Healthcare), 5.125%, 11/15/39
    918,765    
  2,000     South Miami Health Facility Authority Hospital Revenue,
(Baptist Health), 5.00%, 8/15/42
    2,039,120    
  1,075     South Miami Health Facility Authority Hospital Revenue,
(Baptist Health), 5.25%, 11/15/33
    1,145,552    
  1,400     West Orange Health Care District, 5.80%, 2/1/31     1,471,428    
            $ 11,474,826    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Housing — 5.6%      
$ 650     Capital Trust Agency, (Atlantic Housing Foundation),
5.30%, 7/1/35
  $ 655,882    
  525     Escambia County Housing Finance Authority,
Single Family Mortgage, (Multi-County Program), (AMT),
5.50%, 10/1/31
    534,623    
  500     Florida Capital Projects Finance Authority,
Student Housing Revenue, (Florida University),
Prerefunded to 8/15/10, 7.75%, 8/15/20
    557,395    
  2,000     Maryland Community Development Administration,
Multifamily Housing, (AMT), 4.85%, 9/1/47
    1,958,940    
            $ 3,706,840    
Industrial Development Revenue — 3.8%      
$ 754     Broward County, Industrial Development Revenue,
(Lynxs Cargoport), (AMT), 6.75%, 6/1/19
  $ 775,799    
  1,000     Capital Trust Agency, (Fort Lauderdale Project), (AMT),
5.75%, 1/1/32
    1,044,180    
  650     Puerto Rico Port Authority, (American Airlines), (AMT),
6.30%, 6/1/23
    650,370    
            $ 2,470,349    
Insured-Electric Utilities — 6.7%      
$ 1,600     Burke County, GA, Development Authority,
(Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34
  $ 1,601,520    
  1,100     Guam Power Authority, (MBIA), 5.125%, 10/1/29     1,136,531    
  1,700     Jupiter Island, Utility System, (South Martin Regional Utility),
(MBIA), 5.00%, 10/1/28
    1,729,342    
            $ 4,467,393    
Insured-Escrowed / Prerefunded — 12.2%      
$ 1,050     Jupiter Island, Utility System, (South Martin Regional Utility),
(MBIA), Prerefunded to 10/1/08, 5.00%, 10/1/28
  $ 1,078,035    
  1,350     Miami-Dade County Health Facilities Authority,
(Miami Children's Hospital), (AMBAC), Prerefunded to
8/15/11, 5.125%, 8/15/26
    1,425,505    
  650     Miami-Dade County, (Professional Sports Franchise),
(MBIA), Escrowed to Maturity, 5.25%, 10/1/30
    740,870    
  7,625     Port St. Lucie, Utility System Revenue, (MBIA),
Prerefunded to 9/1/13, 0.00%, 9/1/32
    2,076,745    
  1,250     Puerto Rico Highway and Transportation Authority, (MBIA),
Prerefunded to 7/1/16, 5.50%, 7/1/36
    1,400,175    
  1,250     Saint Petersburg, Public Utilities Revenue, (FSA),
Prerefunded to 10/1/09, 5.00%, 10/1/28
    1,296,137    
            $ 8,017,467    

 

See notes to financial statements
15



Eaton Vance Florida Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-General Obligations — 2.6%      
$ 1,500     Puerto Rico, (FSA), Variable Rate, 5.62%, 7/1/27(1)(2)   $ 1,730,070    
            $ 1,730,070    
Insured-Hospital — 5.2%      
$ 1,000     Coral Gables Health Facilities Authority,
(Baptist Health System of South Florida), (FSA),
5.00%, 8/15/29
  $ 1,064,910    
  1,000     Maricopa County Industrial Development Authority,
(Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37
    1,020,540    
  1,250     South Miami Health Facility Authority, Hospital Revenue,
(Baptist Health), (AMBAC), 5.25%, 11/15/33
    1,332,037    
            $ 3,417,487    
Insured-Housing — 1.7%      
$ 1,100     Broward County Housing Finance Authority,
Multifamily Housing, (Venice Homes Apartments), (FSA),
(AMT), 5.70%, 1/1/32
  $ 1,115,873    
            $ 1,115,873    
Insured-Other Revenue — 3.1%      
$ 2,000     Miami-Dade County, (Professional Sports Franchise),
(MBIA), 4.75%, 10/1/30
  $ 2,014,280    
            $ 2,014,280    
Insured-Special Tax Revenue — 26.2%      
$ 1,485     Cape Coral, Special Obligation, (MBIA), 4.50%, 10/1/36   $ 1,443,658    
  2,910     Dade County, Special Obligation, (AMBAC),
5.00%, 10/1/35(3)
    2,934,347    
  2,100     Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30     2,148,678    
  1,470     Miami Beach, Resort Tax, (AMBAC), 6.25%, 10/1/22     1,801,470    
  3,040     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/35
    731,090    
  5,000     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/38
    1,019,150    
  5,610     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/40
    1,030,052    
  1,395     Miami-Dade County, Special Obligation, (MBIA),
5.00%, 10/1/37
    1,416,804    
  3,500     Orange County Tourist Development Tax, (AMBAC),
5.125%, 10/1/30
    3,690,960    
  1,000     Sumter Landing Community Development District,
(Recreational Revenue), (MBIA), 4.75%, 10/1/35
    1,012,090    
            $ 17,228,299    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 27.9%      
$ 2,250     Florida Ports Financing Commission, (FGIC), (AMT),
5.50%, 10/1/29
  $ 2,339,347    
  4,500     Greater Orlando Aviation Authority, (FGIC), (AMT),
5.25%, 10/1/18(3)
    4,650,150    
  2,000     Hillsborough County Port District,
(Tampa Port Authority Project), (MBIA), (AMT),
5.00%, 6/1/36
    2,062,880    
  500     Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25     529,875    
  650     Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29     693,856    
  120     Miami-Dade County, Aviation Revenue,
(Miami International Airport), (CIFG), (AMT),
5.00%, 10/1/38
    123,871    
  3,975     Miami-Dade County, Aviation Revenue,
(Miami International Airport), (CIFG), (AMT),
5.00%, 10/1/38(3)
    4,103,234    
  750     Palm Beach County Airport System, (MBIA), (AMT),
5.00%, 10/1/34
    777,698    
  3,000     Palm Beach County Airport System, (MBIA), (AMT),
5.00%, 10/1/34(3)
    3,110,810    
            $ 18,391,721    
Insured-Water and Sewer — 26.7%      
$ 1,000     Emerald Coast, Utility Authority Revenue, (FGIC),
4.75%, 1/1/31
  $ 1,015,820    
  3,295     Fort Lauderdale, Water and Sewer, (MBIA),
4.50%, 9/1/35
    3,216,480    
  2,000     Marco Island, Utility System, (MBIA), 5.00%, 10/1/33(4)     2,070,620    
  1,500     Miami Beach, Storm Water, (FGIC), 5.375%, 9/1/30     1,570,215    
  1,000     Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25     1,028,030    
  2,500     Port St. Lucie, Utility System Revenue, (MBIA),
0.00%, 9/1/32
    735,800    
  2,415     Port St. Lucie, Utility System Revenue, (MBIA),
0.00%, 9/1/33
    678,060    
  4,000     Sunrise Utility System, (AMBAC), 5.00%, 10/1/28     4,228,640    
  1,156     Tampa Bay Water Utility System, (FGIC), 4.75%, 10/1/27(3)     1,164,965    
  1,844     Tampa Bay Water Utility System, (FGIC),
Prerefunded to 10/1/08, 4.75%, 10/1/27(3)
    1,886,184    
            $ 17,594,814    
Nursing Home — 1.6%      
$ 265     Orange County Health Facilities Authority,
(Westminster Community Care), 6.60%, 4/1/24
  $ 274,267    
  735     Orange County Health Facilities Authority,
(Westminster Community Care), 6.75%, 4/1/34
    761,857    
            $ 1,036,124    

 

See notes to financial statements
16



Eaton Vance Florida Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Senior Living / Life Care — 2.4%      
$ 1,500     Lee County Industrial Development Authority,
(Shell Point Village), 5.50%, 11/15/29
  $ 1,573,800    
            $ 1,573,800    
Special Tax Revenue — 17.1%      
$ 90     Covington Park Community Development District,
(Capital Improvements), 5.00%, 5/1/21
  $ 91,229    
  500     Covington Park Community Development District,
(Capital Improvements), 5.00%, 5/1/31
    509,140    
  310     Dupree Lakes Community Development District,
5.00%, 11/1/10
    310,025    
  360     Dupree Lakes Community Development District,
5.375%, 5/1/37
    360,904    
  315     Heritage Harbor South Community Development District,
(Capital Improvements), 6.20%, 5/1/35
    338,045    
  240     Heritage Springs Community Development District,
5.25%, 5/1/26
    243,168    
  725     Heritage Springs Community Development District,
6.75%, 5/1/21
    733,490    
  340     New River Community Development District,
5.00%, 5/1/13
    336,814    
  140     New River Community Development District,
5.35%, 5/1/38
    138,428    
  350     North Springs Improvement District, (Heron Bay),
5.20%, 5/1/27
    351,348    
  625     North Springs Improvement District, (Heron Bay),
7.00%, 5/1/19
    632,294    
  985     River Hall Community Development District,
(Capital Improvements), 5.45%, 5/1/36
    993,698    
  485     Southern Hills Plantation I Community Development District,
5.80%, 5/1/35
    499,511    
  600     Sterling Hill Community Development District,
6.20%, 5/1/35
    639,192    
  500     Stoneybrook West Community Development District,
7.00%, 5/1/32
    532,320    
  1,000     Tisons Landing Community Development District,
5.625%, 5/1/37
    1,018,480    
  780     University Square Community Development District,
6.75%, 5/1/20
    821,816    
  440     Vista Lakes Community Development District,
7.20%, 5/1/32
    470,184    
  715     Waterlefe Community Development District,
6.95%, 5/1/31
    775,060    
  175     West Palm Beach Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/29
    181,260    
  1,270     West Palm Beach Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/35
    1,308,938    
            $ 11,285,344    

 

   
Value
 
Total Tax-Exempt Investments — 169.2%
(identified cost $106,459,226)
  $ 111,454,877    
Other Assets, Less Liabilities — (15.3)%   $ (10,080,522 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (53.9)%
  $ (35,503,697 )  
Net Assets Applicable to Common
Shares — 100.0%
  $ 65,870,658    

 

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 May 31, 2007, 66.4% 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 3.8% to 27.9% 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 May 31, 2007, the aggregate value of the securities is $2,336,615 or 3.5% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2007.

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

(4)  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 May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 161.7%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 21.5%      
$ 2,790     Massachusetts Development Finance Agency,
(Boston University), 5.45%, 5/15/59
  $ 3,073,324    
  500     Massachusetts Development Finance Agency,
(Massachusetts College of Pharmacy), 5.75%, 7/1/33
    537,010    
  600     Massachusetts Development Finance Agency,
(Middlesex School), 5.00%, 9/1/33
    616,638    
  500     Massachusetts Development Finance Agency,
(Mount Holyoke College), 5.25%, 7/1/31
    520,255    
  1,500     Massachusetts Development Finance Agency,
(Wheeler School), 6.50%, 12/1/29
    1,574,355    
  1,000     Massachusetts Development Finance Agency,
(Xaverian Brothers High School), 5.65%, 7/1/29
    1,030,170    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Boston College), 5.125%, 6/1/33
    1,039,900    
  265     Massachusetts Health and Educational Facilities Authority,
(Williams College), 4.50%, 7/1/33
    261,982    
  500     Massachusetts Industrial Finance Agency, (Babson College),
5.25%, 10/1/27
    509,575    
            $ 9,163,209    
Electric Utilities — 9.9%      
$ 1,000     Massachusetts Development Finance Agency,
(Devens Electric System), 6.00%, 12/1/30
  $ 1,071,630    
  1,870     Massachusetts Development Finance Agency,
(Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36
    1,905,680    
  275     Puerto Rico Electric Power Authority, Variable Rate,
6.99%, 7/1/25(1)(2)
    311,176    
  825     Puerto Rico Electric Power Authority, Variable Rate,
6.99%, 7/1/37(1)(2)
    919,248    
            $ 4,207,734    
Escrowed / Prerefunded — 14.1%      
$ 1,000     Massachusetts Bay Transportation Authority,
Prerefunded to 7/1/18, 5.00%, 7/1/34
  $ 1,086,450    
  500     Massachusetts Development Finance Agency, (Belmont
Hill School), Prerefunded to 9/1/11, 5.00%, 9/1/31
    525,925    
  400     Massachusetts Development Finance Agency,
(Western New England College), Prerefunded to
12/1/12, 6.125%, 12/1/32
    445,756    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), Prerefunded to 7/1/10,
6.75%, 7/1/30
    1,080,570    
  400     Massachusetts Industrial Finance Agency, (Belmont
Hill School), Prerefunded to 9/1/08, 5.25%, 9/1/28
    411,328    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Escrowed / Prerefunded — (continued)      
$ 1,900     Massachusetts Water Pollution Abatement Trust,
Prerefunded to 8/1/12, 5.00%, 8/1/32
  $ 2,000,035    
  1,000     Rail Connections, Inc., (Route 128 Parking), (ACA),
Prerefunded to 7/1/09, 6.53%, 7/1/20
    465,030    
            $ 6,015,094    
Health Care-Miscellaneous — 3.4%      
$ 510     Massachusetts Development Finance Agency,
(MCHSP Human Services), 6.60%, 8/15/29
  $ 514,666    
  100     Massachusetts Development Finance Agency,
(VOA Concord Assisted Living), 5.125%, 11/1/27
    99,619    
  100     Massachusetts Development Finance Agency,
(VOA Concord Assisted Living), 5.20%, 11/1/41
    98,999    
  700     Massachusetts Health and Educational Facilities Authority,
(Learning Center for Deaf Children), 6.125%, 7/1/29
    717,696    
            $ 1,430,980    
Hospital — 13.9%      
$ 1,000     Massachusetts Development Finance Agency,
(Biomedical Research Corp.), 6.25%, 8/1/20
  $ 1,075,210    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center), 5.75%, 7/1/33
    1,058,990    
  400     Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31
    428,024    
  105     Massachusetts Health and Educational Facilities Authority,
(Central New England Health Systems), 6.30%, 8/1/18
    105,373    
  1,100     Massachusetts Health and Educational Facilities Authority,
(Covenant Health), 6.00%, 7/1/31
    1,182,005    
  2,000     Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29
    2,082,740    
            $ 5,932,342    
Housing — 13.4%      
$ 2,100     Massachusetts Housing Finance Agency, 4.75%, 12/1/48   $ 2,015,244    
  1,000     Massachusetts Housing Finance Agency, (AMT),
4.85%, 6/1/40
    986,220    
  650     Massachusetts Housing Finance Agency, (AMT),
5.00%, 12/1/28
    655,330    
  2,000     Massachusetts Housing Finance Agency, (AMT),
5.10%, 12/1/37
    2,029,520    
            $ 5,686,314    
Industrial Development Revenue — 1.7%      
$ 695     Massachusetts Industrial Finance Agency,
(American Hingham Water Co.), (AMT), 6.60%, 12/1/15
  $ 703,270    
            $ 703,270    

 

See notes to financial statements
18



Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Education — 25.9%      
$ 1,000     Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39(3)
  $ 1,175,130    
  1,000     Massachusetts Development Finance Agency,
(Boston University), (XLCA), 5.375%, 5/15/39
    1,151,800    
  1,365     Massachusetts Development Finance Agency,
(College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(4)
    1,560,036    
  1,600     Massachusetts Development Finance Agency,
(Franklin W. Olin College), (XLCA), 5.25%, 7/1/33
    1,680,112    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Northeastern University), (MBIA), 5.00%, 10/1/29
    1,028,420    
  4,500     Massachusetts School Building Authority, (AMBAC),
4.50%, 8/15/35(4)
    4,418,580    
            $ 11,014,078    
Insured-Escrowed / Prerefunded — 3.1%      
$ 500     Massachusetts Health and Educational Facilities Authority,
(UMass-Worcester Campus), (FGIC), Prerefunded to
10/1/11, 5.25%, 10/1/31
  $ 526,950    
  750     Puerto Rico Electric Power Authority, (FSA), Prerefunded to
7/1/10, 5.25%, 7/1/29
    789,697    
            $ 1,316,647    
Insured-General Obligations — 8.9%      
$ 2,390     Milford, (FSA), 4.25%, 12/15/46   $ 2,218,972    
  500     Plymouth, (MBIA), 5.25%, 10/15/20     525,420    
  900     Puerto Rico, (FSA), Variable Rate, 5.62%, 7/1/27(1)(2)     1,038,042    
            $ 3,782,434    
Insured-Miscellaneous — 4.8%      
$ 2,000     Boston Convention Center, (AMBAC), 5.00%, 5/1/27   $ 2,059,140    
            $ 2,059,140    
Insured-Other Revenue — 7.9%      
$ 2,750     Massachusetts Development Finance Agency, (WGBH
Educational Foundation), (AMBAC), 5.75%, 1/1/42
  $ 3,344,275    
            $ 3,344,275    
Insured-Pooled Loans — 3.4%      
$ 300     Massachusetts Educational Financing Authority,
(AMBAC), (AMT), 4.70%, 1/1/27
  $ 298,167    
  1,175     Massachusetts Educational Financing Authority,
(AMBAC), (AMT), 4.70%, 1/1/33
    1,157,916    
            $ 1,456,083    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Special Tax Revenue — 3.7%      
$ 1,500     Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32   $ 1,558,260    
            $ 1,558,260    
Insured-Transportation — 7.7%      
$ 3,200     Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), 5.00%, 1/1/37(4)
  $ 3,241,643    
  33     Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), Variable Rate, 5.765%, 1/1/37(1)(2)
    34,634    
            $ 3,276,277    
Nursing Home — 2.7%      
$ 500     Boston Industrial Development Authority,
(Alzheimer's Center), (FHA), 6.00%, 2/1/37
  $ 510,740    
  600     Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29
    619,242    
            $ 1,129,982    
Senior Living / Life Care — 3.6%      
$ 1,500     Massachusetts Development Finance Agency,
(Berkshire Retirement), 5.625%, 7/1/29
  $ 1,546,725    
            $ 1,546,725    
Special Tax — 4.5%      
$ 7,195     Massachusetts Bay Transportation Authority,
Sales Tax Revenue, 0.00%, 7/1/34
  $ 1,916,316    
            $ 1,916,316    
Water and Sewer — 7.6%      
$ 100     Massachusetts Water Pollution Abatement Trust,
5.00%, 8/1/32
  $ 103,487    
  375     Massachusetts Water Pollution Abatement Trust,
5.25%, 8/1/33
    396,383    
  965     Massachusetts Water Pollution Abatement Trust,
5.375%, 8/1/27
    1,000,666    
  2,000     Massachusetts Water Resources Authority, 4.00%, 8/1/46     1,731,780    
            $ 3,232,316    

 

See notes to financial statements
19



Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

   
Value
 
Total Tax-Exempt Investments — 161.7%
(identified cost $66,032,437)
  $ 68,771,476    
Other Assets, Less Liabilities — (11.1)%   $ (4,721,992 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (50.6)%
  $ (21,506,450 )  
Net Assets Applicable to Common
Shares — 100.0%
  $ 42,543,034    

 

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 May 31, 2007, 40.4% 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 0.8% to 20.9% 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 May 31, 2007, the aggregate value of the securities is $2,303,100 or 5.4% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2007.

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

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

See notes to financial statements
20



Eaton Vance Michigan Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 158.5%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 5.9%      
$ 1,250     Michigan Higher Education Facilities Authority,
(Creative Studies), 5.90%, 12/1/27
  $ 1,324,200    
  540     Michigan Higher Education Facilities Authority,
(Hillsdale College), 5.00%, 3/1/35
    552,215    
            $ 1,876,415    
Electric Utilities — 12.8%      
$ 1,250     Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
  $ 1,299,200    
  1,000     Puerto Rico Electric Power Authority, Prerefunded to
7/1/12, 5.25%, 7/1/31
    1,072,040    
  375     Puerto Rico Electric Power Authority, Variable Rate,
6.99%, 7/1/25(1)(2)
    424,331    
  1,125     Puerto Rico Electric Power Authority, Variable Rate,
6.99%, 7/1/37(1)(2)
    1,253,520    
            $ 4,049,091    
Escrowed / Prerefunded — 4.2%      
$ 500     Kent Hospital Finance Authority, (Spectrum Health),
Prerefunded to 7/15/11, 5.50%, 1/15/31
  $ 533,705    
  750     Michigan Hospital Finance Authority, (Ascension Health Care),
Prerefunded to 11/15/09, 6.125%, 11/15/26
    796,612    
            $ 1,330,317    
General Obligations — 12.3%      
$ 500     East Grand Rapids, Public School District, 5.00%, 5/1/25   $ 516,295    
  500     Garden City School District, Prerefunded to 5/1/11,
5.00%, 5/1/26
    520,300    
  1,000     Manistee Area Public Schools, 5.00%, 5/1/24     1,032,590    
  750     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
    790,507    
  1,000     White Cloud, Public Schools, Prerefunded to 5/1/11,
5.125%, 5/1/31
    1,029,700    
            $ 3,889,392    
Hospital — 30.8%      
$ 500     Allegan Hospital Finance Authority, (Allegan General Hospital),
7.00%, 11/15/21
  $ 531,695    
  185     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.20%, 1/1/25
    193,562    
  125     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.50%, 1/1/37
    131,851    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 560     Macomb County Hospital Finance Authority, (Mount Clemens
General Hospital), 5.875%, 11/15/34
  $ 592,749    
  500     Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18
    512,980    
  1,000     Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.25%, 10/1/27
    1,016,560    
  750     Michigan Hospital Finance Authority, (Henry Ford
Health System), 5.00%, 11/15/38
    761,850    
  1,000     Michigan Hospital Finance Authority, (Henry Ford
Health System), 5.25%, 11/15/46
    1,035,090    
  1,430     Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35
    1,457,856    
  750     Michigan Hospital Finance Authority, (Memorial
Healthcare Center), 5.875%, 11/15/21
    778,125    
  750     Michigan Hospital Finance Authority, (Sparrow Obligation
Group), Prerefunded to 11/15/11, 5.625%, 11/15/36
    807,465    
  1,000     Michigan Hospital Finance Authority, (Trinity Health),
6.00%, 12/1/27
    1,069,540    
  800     Saginaw Hospital Finance Authority, (Covenant Medical
Center), 6.50%, 7/1/30
    859,336    
            $ 9,748,659    
Housing — 3.1%      
$ 1,000     Michigan State Housing Development Authority,
(Williams Pavilion), (AMT), 4.90%, 4/20/48
  $ 979,190    
            $ 979,190    
Industrial Development Revenue — 7.9%      
$ 1,000     Detroit Local Development Finance Authority,
(Chrysler Corp.), 5.375%, 5/1/21
  $ 1,012,370    
  800     Dickinson County Electronic Development Corp.,
(International Paper Co.), 5.75%, 6/1/16
    849,288    
  625     Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26
    629,681    
            $ 2,491,339    
Insured-Electric Utilities — 8.8%      
$ 1,000     Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29
  $ 1,046,070    
  500     Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (XLCA), 5.25%, 12/15/32
    522,055    
  1,200     Puerto Rico Electric Power Authority, (MBIA),
4.75%, 7/1/33(3)
    1,224,408    
            $ 2,792,533    

 

See notes to financial statements
21



Eaton Vance Michigan Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded — 19.7%      
$ 1,000     Central Montcalm Public Schools, (MBIA), Prerefunded to
5/1/09, 6.00%, 5/1/29
  $ 1,041,050    
  1,000     Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11,
5.125%, 7/1/31
    1,047,140    
  2,000     Fenton Area Public Schools, (FGIC), Prerefunded to
5/1/08, 5.00%, 5/1/24
    2,023,620    
  2,000     Novi Building Authority, (FSA), Prerefunded to
10/1/10, 5.50%, 10/1/25
    2,118,840    
            $ 6,230,650    
Insured-General Obligations — 11.0%      
$ 1,000     Brandon School District, (FSA), 4.50%, 5/1/33   $ 985,660    
  650     Detroit School District, (FGIC), 4.75%, 5/1/28     655,174    
  750     Detroit School District, (FSA), 5.25%, 5/1/32     846,488    
  200     Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25     201,358    
  700     Puerto Rico, (FSA), Variable Rate, 5.62%, 7/1/27(1)(2)     807,366    
            $ 3,496,046    
Insured-Hospital — 6.5%      
$ 1,000     Royal Oak Hospital Finance Authority Revenue,
(William Beaumont Hospital), (MBIA), 5.25%, 11/15/35
  $ 1,035,870    
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical
Center), (MBIA), 5.50%, 7/1/24
    1,036,230    
            $ 2,072,100    
Insured-Lease Revenue / Certificates of
Participation — 4.3%
     
$ 4,300     Michigan State Building Authority, (FGIC),
0.00%, 10/15/30
  $ 1,370,109    
            $ 1,370,109    
Insured-Special Tax Revenue — 7.4%      
$ 2,250     Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (MBIA), 5.00%, 12/1/30
  $ 2,335,343    
            $ 2,335,343    
Insured-Student Loan — 6.5%      
$ 1,000     Michigan Higher Education Student Loan Authority,
(AMBAC), (AMT), 5.00%, 3/1/31
  $ 1,028,270    
  1,000     Michigan Higher Education Student Loan Authority,
(AMBAC), (AMT), 5.50%, 6/1/25(4)
    1,030,750    
            $ 2,059,020    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 6.4%      
$ 2,000     Wayne Charter County Airport, (MBIA), (AMT),
5.00%, 12/1/28
  $ 2,033,420    
            $ 2,033,420    
Insured-Water Revenue — 5.3%      
$ 1,650     Detroit, Water Supply System, (FGIC), 5.00%, 7/1/30   $ 1,688,742    
            $ 1,688,742    
Lease Revenue / Certificates of Participation — 0.8%      
$ 250     Puerto Rico, (Guaynabo Municipal Government Center Lease),
5.625%, 7/1/22
  $ 253,050    
            $ 253,050    
Transportation — 4.8%      
$ 1,500     Kent County Airport Facility, 5.00%, 1/1/25(3)   $ 1,519,313    
            $ 1,519,313    
Total Tax-Exempt Investments — 158.5%
(identified cost $47,890,733)
  $ 50,214,729    
Other Assets, Less Liabilities — (3.3)%   $ (1,036,412 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (55.2)%
  $ (17,501,726 )  
Net Assets Applicable to Common
Shares — 100.0%
  $ 31,676,591    

 

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.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2007, 48.0% 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 1.0% to 19.8% of total investments.

See notes to financial statements
22



Eaton Vance Michigan Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

(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 May 31, 2007, the aggregate value of the securities is $2,485,217 or 7.8% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2007.

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

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

See notes to financial statements
23




Eaton Vance New Jersey Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 177.4%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 10.8%      
$ 4,500     New Jersey Educational Facilities Authority,
(Princeton University), 4.50%, 7/1/30(1)
  $ 4,501,665    
  3,250     New Jersey Educational Facilities Authority, (Stevens
Institute of Technology), 5.25%, 7/1/32
    3,387,117    
            $ 7,888,782    
Electric Utilities — 9.5%      
$ 5,000     Puerto Rico Electric Power Authority, 5.125%, 7/1/29   $ 5,346,850    
  1,500     Salem County Pollution Control Financing, (Public Service
Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31
    1,597,680    
            $ 6,944,530    
Escrowed / Prerefunded — 11.0%      
$ 3,935     New Jersey Educational Facilities Authority, (Princeton
University), Prerefunded to 7/1/10, 5.00%, 7/1/20
  $ 4,051,988    
  950     Tobacco Settlement Financing Corp., Prerefunded to
6/1/13, 6.75%, 6/1/39
    1,093,327    
  2,500     Tobacco Settlement Financing Corp., Prerefunded to
6/1/13, 6.75%, 6/1/39(2)
    2,877,188    
            $ 8,022,503    
General Obligations — 5.1%      
$ 3,500     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
  $ 3,689,035    
            $ 3,689,035    
Hospital — 37.0%      
$ 100     Camden County Improvement Authority, (Cooper Health
System), 5.00%, 2/15/25
  $ 101,558    
  90     Camden County Improvement Authority, (Cooper Health
System), 5.00%, 2/15/35
    90,767    
  100     Camden County Improvement Authority, (Cooper Health
System), 5.25%, 2/15/27
    103,220    
  2,750     Camden County Improvement Authority, (Cooper Health
System), 5.75%, 2/15/34
    2,939,282    
  1,035     New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), 5.75%, 7/1/25
    1,099,191    
  4,400     New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37(1)
    4,520,868    
  2,140     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.25%, 7/1/27
    2,161,956    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 1,765     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.375%, 7/1/33
  $ 1,823,086    
  2,500     New Jersey Health Care Facilities Financing Authority,
(Catholic Health East), Variable Rate,
4.387%, 11/15/33(2)
    2,497,500    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34
    2,100,380    
  450     New Jersey Health Care Facilities Financing Authority,
(Hunterdon Medical Center), 5.125%, 7/1/35
    464,157    
  750     New Jersey Health Care Facilities Financing Authority,
(Palisades Medical Center), 6.50%, 7/1/21
    819,322    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Robert Wood Johnson University Hospital),
5.75%, 7/1/31
    2,107,340    
  1,450     New Jersey Health Care Facilities Financing Authority,
(Saint Peters University Hospital), 6.875%, 7/1/20(3)
    1,563,404    
  1,100     New Jersey Health Care Facilities Financing Authority,
(South Jersey Hospital), 5.00%, 7/1/36
    1,115,598    
  1,500     New Jersey Health Care Facilities Financing Authority,
(South Jersey Hospital), 5.00%, 7/1/46
    1,517,190    
  1,900     New Jersey Health Care Facilities Financing Authority,
(St. Elizabeth's Hospital), 6.00%, 7/1/20
    1,939,862    
            $ 26,964,681    
Industrial Development Revenue — 10.6%      
$ 1,000     Gloucester County Improvements Authority, (Waste
Management, Inc.), (AMT), 7.00%, 12/1/29
  $ 1,063,840    
  3,000     Middlesex County Pollution Control Authority,
(Amerada Hess), 6.05%, 9/15/34
    3,239,580    
  750     New Jersey Economic Development Authority,
(Anheuser-Busch), (AMT), 4.95%, 3/1/47
    750,353    
  1,000     New Jersey Economic Development Authority,
(Anheuser-Busch), (AMT), 5.85%, 12/1/30
    1,008,400    
  750     New Jersey Economic Development Authority,
(Continental Airlines), (AMT), 6.25%, 9/15/29
    775,762    
  750     New Jersey Economic Development Authority,
(Continental Airlines), (AMT), 9.00%, 6/1/33
    912,270    
            $ 7,750,205    
Insured-Education — 9.7%      
$ 890     New Jersey Educational Facilities Authority, (Richard
Stockton College), (MBIA), 4.25%, 7/1/36
  $ 850,600    
  1,300     New Jersey Educational Facilities Authority, (Rowan
University), (MBIA), 4.50%, 7/1/31
    1,283,945    
  4,800     Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Authority, (University Plaza),
(MBIA), 5.00%, 7/1/33(2)
    4,925,168    
            $ 7,059,713    

 

See notes to financial statements
24



Eaton Vance New Jersey Municipal Income Trust as of May 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Electric Utilities — 1.8%      
$ 1,250     Vineland, (Electric Utility), (MBIA), (AMT),
5.25%, 5/15/26
  $ 1,292,063    
            $ 1,292,063    
Insured-Escrowed / Prerefunded — 11.9%      
$ 4,500     New Jersey Turnpike Authority, (MBIA), Prerefunded to
1/1/10, 5.50%, 1/1/30(2)
  $ 4,685,835    
  3,750     Newark Housing Authority, (Newark Marine Terminal),
(MBIA), Prerefunded to 1/1/14, 5.00%, 1/1/37(2)
    3,986,238    
            $ 8,672,073    
Insured-Gas Utilities — 7.0%      
$ 5,000     New Jersey Economic Development Authority, (New
Jersey Natural Gas Co.), (FGIC), (AMT),
4.90%, 10/1/40
  $ 5,065,550    
            $ 5,065,550    
Insured-General Obligations — 2.9%      
$ 810     Bordentown Regional Board of Education, (MBIA),
4.25%, 1/15/33
  $ 777,567    
  2,000     Hudson County Improvements Authority, (MBIA),
0.00%, 12/15/33
    585,920    
  931     Stafford Township, (MBIA), 3.00%, 7/1/30     730,044    
            $ 2,093,531    
Insured-Hospital — 2.1%      
$ 1,550     New Jersey Health Care Facilities Financing Authority,
(Central State Medical Center), (AGC), 4.50%, 7/1/37
  $ 1,521,108    
            $ 1,521,108    
Insured-Housing — 6.1%      
$ 3,390     New Jersey Housing and Mortgage Finance Agency,
(FSA), (AMT), 5.05%, 5/1/34
  $ 3,417,391    
  810     New Jersey Housing and Mortgage Finance Agency,
Multifamily Housing, (FGIC), (AMT), 5.00%, 11/1/36
    817,800    
  230     New Jersey Housing and Mortgage Finance Agency,
Multifamily Housing, (FSA), 5.75%, 5/1/25
    237,592    
            $ 4,472,783    
Insured-Lease Revenue / Certificates of
Participation — 0.8%
     
$ 585     Gloucester County Improvements Authority, (MBIA),
4.75%, 9/1/30
  $ 599,204    
            $ 599,204