UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-09149

 

Eaton Vance Ohio Municipal Income Trust

(Exact name of registrant as specified in charter)

 

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

 

02109

(Address of principal executive offices)

 

(Zip code)

 

Maureen A. Gemma
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

November 30

 

 

Date of reporting period:

November 30, 2007

 

 



 

Item 1. Reports to Stockholders

 



Annual Report November 30, 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 November 30, 2007

Table Of Contents

 

Management’s Discussion of Fund Performance

2

 

 

Performance Information and Portfolio Composition

 

 

 

California Municipal Income Trust

3

Florida Municipal Income Trust

4

Massachusetts Municipal Income Trust

5

Michigan Municipal Income Trust

6

New Jersey Municipal Income Trust

7

New York Municipal Income Trust

8

Ohio Municipal Income Trust

9

Pennsylvania Municipal Income Trust

10

 

 

Financial Statements

11

 

 

Federal Tax Information

71

 

 

Dividend Reinvestment Plan

72

 

 

Board of Trustees’ Annual Approval of the Investment Advisory Agreements

74

 

 

Management and Organization

77

 

1



 

Eaton Vance Municipal Income Trusts as of November 30, 2007

management’s discussion of fund performance

 

Eaton Vance Municipal Income Trusts (the “Trusts”) are closed-end Trusts, traded on the American Stock Exchange, which are designed to provide current income exempt from regular federal income tax and state personal income taxes, as applicable. This income is earned by investing primarily in investment-grade municipal securities.

 

Economic and Market Conditions

 

Economic growth in the third quarter of 2007 rose 4.9%, following the 3.8% growth rate achieved in the second quarter of 2007, according to preliminary Commerce Department data. At the end of November 2007, the housing sector continued to struggle due to market concerns related to subprime mortgages. However, the weaker dollar is having a stimulative effect on economic growth in export-related industries, tourism, and on U.S.-based multinational companies whose foreign profits are translated into more dollars. Overall, we believe the economy appears to be slowing, but in a somewhat controlled manner.

 

According to the Federal Reserve (the “Fed”), core inflation (which excludes the food and energy sectors) was still fairly well contained within the upper end of the Fed’s comfort zone. However, more volatile oil and food costs posed a potential threat for overall inflation longer-term. On September 18, 2007, the Fed lowered its Federal Funds rate by 50 basis points to 4.75% from 5.25% – its first rate cut since the Fed stopped raising rates in June 2006 – and simultaneously lowered the Discount Rate by 50 basis points to 5.25% from 5.75%. On October 31, 2007, the Fed further cut the Fed Funds rate by 0.25% to 4.50% and the Discount Rate by 0.25% to 5.00%. (Shortly after this reporting period, the Fed once again cut the Fed Funds rate on December 11, 2007 by 25 basis points to 4.25% and the Discount Rate by 25 basis points to 4.75%.) Management believes that these moves were aimed at providing liquidity during a period of increased uncertainty and tighter credit conditions that surfaced rapidly in mid-August and intensified in November.

 

For the year ended November 30, 2007, the Lehman Brothers Municipal Bond Index(1) (the “Index”), an unmanaged index of municipal bonds, posted a gain of 2.71%. For more information about each Trust’s performance and that of funds in the same Lipper Classification,(1) 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.

 

The Trusts underperformed their benchmark Index for the year ended November 30, 2007. Management believes that much of the underperformance can be attributed to the broader-based credit scare that took hold of the fixed-income markets in August and November of 2007 that lead to a flight-to-quality bid in the Treasury market, particularly in shorter-maturity bonds. This move was driven by the continuing fear that financial companies may experience further write-downs as a result of their exposure to mortgage-backed collateralized debt obligations (CDO’s), coupled with the disclosure by some of the major municipal bond insurers of their exposure to mortgage related CDO debt. As a result of our active management style that focuses on income and longer call protection, the Trusts generally hold longer-duration bonds. The flight to shorter-maturity (duration) bonds during September and November 2007 resulted in the Trusts’ relative underperformance for the period.

 

In November 2007, yield ratios for many municipal bonds exceeded those seen in late August 2007, when they were in the low 90%’s. Management believes that this was the result of dislocation in the fixed-income marketplace caused by the sub-prime contagion fears, insurance companies’ mark-to-market risks, and the decentralized nature of the municipal marketplace.

 

The ratio of yields on current coupon AAA-rated insured bonds to the yield on the 30-year Treasury bond was 104% as of November 30, 2007, with many individual bonds trading higher than 104%.(2) Historically, this is a rare occurrence in the municipal bond market and is generally considered a signal that municipal bonds are significantly undervalued compared to Treasuries.

 

With this backdrop, we continue to manage all of our municipal funds and trusts with the same relative value approach that we have traditionally employed — maintaining a long-term perspective when markets exhibit extreme short-term volatility. The Eaton Vance culture and philosophy have not changed, and we believe they have provided excellent long-term benefits to our investors over time.

 


(1)

 

It is not possible to invest directly in an Index or a 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.

(2)

 

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.

 

 

Past performance is no guarantee of future results.

 

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

 

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund.

 

2



 

Eaton Vance California Municipal Income Trust as of November 30, 2007

Performance information and portfolio composition

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

CEV

 

 

 

 

 

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

 

 

 

One Year

 

-8.44

%

Five Years

 

5.25

 

Life of Trust (1/29/99)

 

4.46

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-3.65

%

Five Years

 

6.79

 

Life of Trust (1/29/99)

 

6.12

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

5.06

%

Taxable Equivalent Market Yield(3)

 

8.58

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper Averages(5)

 

 

 

 

 

 

 

Lipper California Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-0.23

%

Five Years

 

6.17

 

Life of Trust (1/31/99)

 

5.30

 

 

Portfolio Manager: Cynthia J. Clemson

 

Rating Distribution*(6),(7)

 

By total investments

 

 


*      The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2007, is as follows, and the average rating is AA-:

 

AAA

 

50.9

%

 

 

 

 

AA

 

4.9

%

 

 

 

 

A

 

25.3

%

 

 

 

 

BBB

 

9.6

%

 

 

 

 

Not Rated

 

9.3

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

95

·  Average Maturity:

 

23.1 years

·  Average Effective Maturity:

 

13.0 years

·  Average Call Protection:

 

8.2 years

·  Average Dollar Price:

 

$90.87

·  Leverage:**

 

35.2%

 

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.

 


**   The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.

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

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.

 

See Note 1H to the Trust’s financial statements.

 

3



 

Eaton Vance Florida Municipal Income Trust* as of November 30, 2007

performance information and portfolio composition

 


* As of January 1, 2008, Eaton Vance Florida Municipal Income Trust changed its name to Eaton Vance Florida Plus Municipal Income Trust.

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

FEV

 

 

 

 

 

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

 

 

 

One Year

 

-6.02

%

Five Years

 

3.46

 

Life of Trust (1/29/99)

 

4.12

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-2.26

%

Five Years

 

6.07

 

Life of Trust (1/29/99)

 

5.87

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

5.00

%

Taxable Equivalent Market Yield(3)

 

7.69

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper averages(5)

 

 

 

 

 

 

 

Lipper Florida Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

0.38

%

Five Years

 

5.49

 

Life of Trust (1/31/99)

 

4.94

 

 

Portfolio Manager: Cynthia J. Clemson

 

Rating Distribution*(6),(7)

 

By total investments

 

 


*      The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2007, is as follows, and the average rating is AA:

 

AAA

 

62.3

%

 

 

 

 

AA

 

10.0

%

 

 

 

 

A

 

10.6

%

 

 

 

 

BBB

 

2.1

%

 

 

 

 

CCC

 

0.7

%

 

 

 

 

Not Rated

 

14.3

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

92

·  Average Maturity:

 

25.3 years

·  Average Effective Maturity:

 

12.3 years

·  Average Call Protection:

 

8.1 years

·  Average Dollar Price:

 

$96.30

·  Leverage:**

 

36.1%

 

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.

 


**   The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. 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 fiscal year by the share price at the end of the fiscal year 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) 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 Florida Municipal Debt Funds Classification (closed-end) contained 15, 14 and 9 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.

 

See Note 1H to the Trust’s financial statements.

 

4



 

Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007

performance information and portfolio composition

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

MMV

 

 

 

 

 

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

 

 

 

One Year

 

-8.57

%

Five Years

 

2.14

 

Life of Trust (1/29/99)

 

4.19

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-3.94

%

Five Years

 

6.48

 

Life of Trust (1/29/99)

 

5.74

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

4.90

%

Taxable Equivalent Market Yield(3)

 

7.96

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper averages(5)

 

 

 

 

 

 

 

Lipper Other States Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

0.46

%

Five Years

 

5.91

 

Life of Trust (1/31/99)

 

5.37

 

 

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 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2007, is as follows, and the average rating is AA-:

 

AAA

 

42.0

%

 

 

 

 

AA

 

18.8

%

 

 

 

 

A

 

17.0

%

 

 

 

 

BBB

 

10.5

%

 

 

 

 

BB

 

1.2

%

 

 

 

 

Not Rated

 

10.5

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

64

·  Average Maturity:

 

28.1 years

·  Average Effective Maturity:

 

15.8 years

·  Average Call Protection:

 

9.0 years

·  Average Dollar Price:

 

$96.8

·  Leverage:**

 

34.8%

 

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.

 


**   The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.

(5) The Lipper Averages are the average 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 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.

 

See Note 1H to the Trust’s financial statements.

 

5



 

Eaton Vance Michigan Municipal Income Trust as of November 30, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

EMI

 

 

 

 

 

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

 

 

 

One Year

 

-7.66

%

Five Years

 

3.54

 

Life of Trust (1/29/99)

 

3.76

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-1.37

%

Five Years

 

6.10

 

Life of Trust (1/29/99)

 

5.59

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

4.88

%

Taxable Equivalent Market Yield(3)

 

7.81

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper averages(5)

 

 

 

 

 

 

 

Lipper Michigan Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

 0.34

%

Five Years

 

5.72

 

Life of Trust (1/31/99)

 

5.33

 

 

Portfolio Manager: William H. Ahern, CFA

 

Rating Distribution*(6),(7)

 

By total investments

 


*      The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2007, is as follows, and the average rating is AA-:

 

AAA

 

50.8

%

 

 

 

 

AA

 

11.8

%

 

 

 

 

A

 

13.4

%

 

 

 

 

BBB

 

12.5

%

 

 

 

 

BB

 

3.1

%

 

 

 

 

CCC

 

1.3

%

 

 

 

 

Not Rated

 

7.1

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

57

·  Average Maturity:

 

22.8 years

·  Average Effective Maturity:

 

9.1 years

·  Average Call Protection:

 

5.5 years

·  Average Dollar Price:

 

$97.39

·  Leverage:**

 

36.3%

 

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.

 


**   The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the  Trust’s net assets applicable to common shares plus Auction Preferred Shares. 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 37.54% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.

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

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.

 

See Note 1H to the Trust’s financial statements.

 

6



 

Eaton Vance New Jersey Municipal Income Trust as of November 30, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

EVJ

 

 

 

 

 

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

 

 

 

One Year

 

-11.28

%

Five Years

 

3.58

 

Life of Trust (1/29/99)

 

4.19

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-3.59

%

Five Years

 

7.34

 

Life of Trust (1/29/99)

 

6.03

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

4.77

%

Taxable Equivalent Market Yield(3)

 

8.06

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper Averages(5)

 

 

 

 

 

 

 

Lipper New Jersey Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-0.33

%

Five Years

 

6.38

 

Life of Trust (1/31/99)

 

5.35

 

 

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 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2007, is as follows, and the average rating is AA-:

 

AAA

 

46.1

%

 

 

 

 

AA

 

3.6

%

 

 

 

 

A

 

17.4

%

 

 

 

 

BBB

 

26.1

%

 

 

 

 

BB

 

0.3

%

 

 

 

 

B

 

1.5

%

 

 

 

 

Not Rated

 

5.0

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

70

·  Average Maturity:

 

24.8 years

·  Average Effective Maturity:

 

13.8 years

·  Average Call Protection:

 

8.5 years

·  Average Dollar Price:

 

$92.49

·  Leverage:**

 

35.5%

 

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.

 


**   The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.

(5) The Lipper Averages are the average 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 and 8 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.

 

See Note 1H to the Trust’s financial statements.

 

7



 

Eaton Vance New York Municipal Income Trust as of November 30, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

EVY

 

 

 

 

 

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

 

 

 

One Year

 

-5.81

%

Five Years

 

6.32

 

Life of Trust (1/29/99)

 

5.39

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-3.42

%

Five Years

 

6.69

 

Life of Trust (1/29/99)

 

6.32

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

5.03

%

Taxable Equivalent Market Yield(3)

 

8.31

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper Averages(5)

 

 

 

 

 

 

 

Lipper New York Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-0.10

%

Five Years

 

6.09

 

Life of Trust (1/31/99)

 

5.29

 

 

Portfolio manager: Craig R. Brandon, CFA

 

Rating Distribution*(6),(7)

 

By total investments

 

 


*      The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2007, is as follows, and the average rating is AA-:

 

AAA

 

37.

%

 

 

 

 

AA

 

24.3

%

 

 

 

 

A

 

13.7

%

 

 

 

 

BBB

 

10.5

%

 

 

 

 

BB

 

1.0

%

 

 

 

 

B

 

1.7

%

 

 

 

 

Not Rated

 

11.5

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

71

·  Average Maturity:

 

24.5 years

·  Average Effective Maturity:

 

13.1 years

·  Average Call Protection:

 

8.6 years

·  Average Dollar Price:

 

$99.76

·  Leverage:**

 

35.2%

 

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.

 


**   The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.

(5) The Lipper Averages are the average 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 17, 17 and 7 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.

 

See Note 1H to the Trust’s financial statements.

 

8



 

Eaton Vance Ohio Municipal Income Trust as of November 30, 2007

Performance information and portfolio composition

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

EVO

 

 

 

 

 

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

 

 

 

One Year

 

-7.93

%

Five Years

 

3.06

 

Life of Trust (1/29/99)

 

4.08

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-1.06

%

Five Years

 

6.91

 

Life of Trust (1/29/99)

 

5.78

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

4.75

%

Taxable Equivalent Market Yield(3)

 

7.82

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper Averages(5)

 

 

 

 

 

 

 

Lipper Other States Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

0.46

%

Five Years

 

5.91

 

Life of Trust (1/31/99)

 

5.37

 

 

Portfolio Manager: William H. Ahern, CFA

 

Rating Distribution*(6),(7)

 

By total investments

 

 


*      The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2007, is as follows, and the average rating is AA:

 

AAA

 

55.2

%

 

 

 

 

AA

 

11.7

%

 

 

 

 

A

 

15.6

%

 

 

 

 

BBB

 

5.5

%

 

 

 

 

B

 

2.2

%

 

 

 

 

Not Rated

 

9.8

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

72

·  Average Maturity:

 

23.0 years

·  Average Effective Maturity:

 

12.1 years

·  Average Call Protection:

 

7.6 years

·  Average Dollar Price:

 

$98.30

·  Leverage:**

 

35.9%

 

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.

 


**   The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 39.26% 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 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.

 

See Note 1H to the Trust’s financial statements.

 

9



 

Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2007

Performance information and portfolio composition

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

EVP

 

 

 

 

 

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

 

 

 

One Year

 

-7.95

%

Five Years

 

4.16

 

Life of Trust (1/29/99)

 

4.09

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

0.27

%

Five Years

 

6.84

 

Life of Trust (1/29/99)

 

5.85

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

4.96

%

Taxable Equivalent Market Yield(3)

 

7.87

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper Averages(5)

 

 

 

 

 

 

 

Lipper Pennsylvania Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-0.09

%

Five Years

 

5.85

 

Life of Trust (1/31/99)

 

5.40

 

 

Portfolio Manager: Adam A. Weigold, 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 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2007, is as follows, and the average rating is AA:

 

AAA

 

58.0

%

 

 

 

 

AA

 

12.1

%

 

 

 

 

A

 

11.1

%

 

 

 

 

BBB

 

8.3

%

 

 

 

 

B

 

1.8

%

 

 

 

 

CCC

 

2.4

%

 

 

 

 

Not Rated

 

6.3

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

71

·  Average Maturity:

 

21.8 years

·  Average Effective Maturity:

 

9.2 years

·  Average Call Protection:

 

5.9 years

·  Average Dollar Price:

 

$99.19

·  Leverage:**

 

35.9%

 

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.

 


**   The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.

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

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.

 

See Note 1H to the Trust’s financial statements.

 

10



Eaton Vance California Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 160.7%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 10.9%      
$ 2,770     California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29
  $ 2,697,980    
  500     California Educational Facilities Authority, (Pepperdine
University), 5.00%, 11/1/29
    513,770    
  1,850     California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23
    2,004,697    
  4,000     California Educational Facilities Authority, (Stanford
University), 5.125%, 1/1/31
    4,043,680    
  2,500     San Diego County, Certificates of Participation, (University
of San Diego), 5.375%, 10/1/41
    2,557,125    
            $ 11,817,252    
Electric Utilities — 3.4%      
$ 2,500     Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27   $ 2,519,575    
  300     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
7.36%, 7/1/25(1)(2)
    310,557    
  900     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
7.36%, 7/1/37(1)(2)
    893,682    
            $ 3,723,814    
Escrowed / Prerefunded — 2.9%      
$ 1,000     California Educational Facilities Authority, (Dominican
University), Prerefunded to 12/1/08, 5.75%, 12/1/30
  $ 1,031,860    
  405     Santa Margarita Water District, Prerefunded to 9/1/09,
6.20%, 9/1/20
    432,358    
  1,590     Tahoe Forest Hospital District, Prerefunded to 7/1/09,
5.85%, 7/1/22
    1,679,612    
            $ 3,143,830    
General Obligations — 9.5%      
$ 3,500     California, 5.50%, 11/1/33   $ 3,720,150    
  1,700     California, (AMT), 5.05%, 12/1/36     1,664,266    
  4,790     San Francisco Bay Area Rapid Transit District,
(Election of 2004), Series B, 4.75%, 8/1/37
    4,899,739    
            $ 10,284,155    
Health Care-Miscellaneous — 0.3%      
$ 300     Puerto Rico Infrastructure Financing Authority, (Mepsi
Campus Project), Series A, 6.50%, 10/1/37
  $ 303,441    
            $ 303,441    

 

Principal Amount
(000's omitted)
  Security   Value  
Hospital — 28.0%      
$ 2,435     California Health Facilities Financing Authority,
(Cedars-Sinai Medical Center), 5.00%, 11/15/34
  $ 2,433,149    
  750     California Infrastructure and Economic Development Bank,
(Kaiser Hospital), 5.50%, 8/1/31
    769,935    
  3,900     California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35
    3,865,251    
  1,750     California Statewide Communities Development Authority,
(John Muir Health), 5.00%, 8/15/36
    1,731,450    
  765     California Statewide Communities Development Authority,
(John Muir Health), Series A, 5.00%, 8/15/34
    759,370    
  850     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.00%, 3/1/41
    831,062    
  3,100     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.25%, 3/1/45
    3,120,367    
  1,650     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.50%, 11/1/32
    1,684,798    
  1,750     California Statewide Communities Development Authority,
(Sonoma County Indian Health), 6.40%, 9/1/29
    1,813,840    
  1,500     California Statewide Communities Development Authority,
(Sutter Health), 5.50%, 8/15/28
    1,558,710    
  1,500     Duarte, Hope National Medical Center, (City of Hope),
5.25%, 4/1/24
    1,519,560    
  1,000     Stockton Health Facilities Authority, (Dameron Hospital),
5.70%, 12/1/14
    1,020,940    
  410     Tahoe Forest Hospital District, 5.85%, 7/1/22     419,282    
  2,000     Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31
    2,043,500    
  2,000     Turlock, (Emanuel Medical Center, Inc.),
5.375%, 10/15/34
    1,999,860    
  2,780     Washington Township Health Care District,
5.00%, 7/1/32
    2,756,565    
  2,000     Washington Township Health Care District,
5.25%, 7/1/29
    2,013,520    
            $ 30,341,159    
Housing — 1.1%      
$ 741     Commerce (Hermitage III Senior Apartments),
6.50%, 12/1/29
  $ 771,811    
  429     Commerce (Hermitage III Senior Apartments),
6.85%, 12/1/29
    442,533    
            $ 1,214,344    
Industrial Development Revenue — 1.6%      
$ 2,000     California Statewide Communities Development Authority,
(Anheuser Busch Project), 4.80%, 9/1/46
  $ 1,766,560    
            $ 1,766,560    

 

See notes to financial statements
11



Eaton Vance California Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Insured-Education — 5.9%      
$ 3,270     California Educational Facilities Authority, (Pooled
College and University), (MBIA), 5.10%, 4/1/23
  $ 3,351,488    
  3,000     California State University, (AMBAC), 5.00%, 11/1/33     3,086,490    
            $ 6,437,978    
Insured-Electric Utilities — 14.3%      
$ 2,500     California Pollution Control Financing Authority, (Pacific
Gas and Electric), (MBIA), (AMT), 5.35%, 12/1/16
  $ 2,639,325    
  3,250     California Pollution Control Financing Authority, (Southern
California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31
    3,350,197    
  5,000     Los Angeles Department of Water and Power, Power System
Revenues, (AMBAC), 5.00%, 7/1/37
    5,250,350    
  3,625     Los Angeles Department of Water and Power, Power System
Revenues, (FSA), 4.625%, 7/1/37
    3,634,062    
  500     Puerto Rico Electric Power Authority, (MBIA), Variable Rate,
8.775%, 7/1/16(1)(2)
    695,245    
            $ 15,569,179    
Insured-Escrowed / Prerefunded — 6.5%      
$ 5,130     Foothill/Eastern Transportation Corridor Agency, (FSA),
Escrowed to Maturity, 0.00%, 1/1/26
  $ 2,249,710    
  2,500     Los Angeles County Metropolitan Transportation Authority,
(FGIC), Prerefunded to 7/1/10, 5.25%, 7/1/30
    2,650,150    
  1,995     Puerto Rico Electric Power Authority, (FSA),
Prerefunded to 7/1/10, 5.25%, 7/1/29(3)
    2,114,833    
            $ 7,014,693    
Insured-General Obligations — 13.7%      
$ 7,000     Coast Community College District, (Election of 2002),
(FSA), 0.00%, 8/1/34
  $ 1,722,490    
  4,825     Coast Community College District, (Election of 2002),
(FSA), 0.00%, 8/1/35
    1,121,764    
  2,500     Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2)     2,947,450    
  4,800     San Diego Unified School District, (MBIA),
5.50%, 7/1/24(3)
    5,536,752    
  7,995     Sweetwater Union High School District, (Election 2000),
(FSA), 0.00%, 8/1/25
    3,512,203    
            $ 14,840,659    
Insured-Hospital — 6.6%      
$ 3,200     California Statewide Communities Development Authority,
(Children's Hospital Los Angeles), (MBIA),
5.25%, 8/15/29(4)
  $ 3,296,192    
  3,735     California Statewide Communities Development Authority,
(Sutter Health), (FSA), 5.75%, 8/15/27(3)
    3,883,466    
            $ 7,179,658    

 

Principal Amount
(000's omitted)
  Security   Value  
Insured-Lease Revenue / Certificates
of Participation — 8.3%
     
$ 6,500     Anaheim Public Financing Authority, Lease Revenue,
(Public Improvements), (FSA), 0.00%, 9/1/17
  $ 4,329,585    
  10,750     Anaheim Public Financing Authority, Lease Revenue,
(Public Improvements), (FSA), 0.00%, 9/1/25
    4,647,333    
            $ 8,976,918    
Insured-Special Tax Revenue — 5.6%      
$ 1,185     Palm Springs Community Redevelopment Agency Tax
Allocation (Merged Project No.1), Series A, (AMBAC),
5.00%, 9/1/30
  $ 1,225,124    
  24,800     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     2,259,280    
  4,225     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     650,059    
  8,380     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     1,223,815    
  5,270     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     729,684    
            $ 6,087,962    
Insured-Transportation — 8.9%      
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29
  $ 1,744,800    
  8,000     Alameda Corridor Transportation Authority, (MBIA),
0.00%, 10/1/31
    2,558,720    
  740     Puerto Rico Highway and Transportation Authority, (AGC),
(CIFG), 5.25%, 7/1/41(3)
    803,215    
  1,500     San Francisco City and County Airport Commission,
International Airport Revenue, (FGIC), (AMT), Variable Rate,
7.356%, 5/1/30(1)(2)
    1,520,160    
  10,000     San Joaquin Hills Transportation Corridor Agency, (MBIA),
0.00%, 1/15/32
    2,995,300    
            $ 9,622,195    
Insured-Water and Sewer — 1.7%      
$ 1,950     Calleguas Las Virgenes Public Financing Authority,
(Municipal Water District), (MBIA), 4.25%, 7/1/32
  $ 1,841,015    
            $ 1,841,015    
Insured-Water Revenue — 5.5%      
$ 4,400     Los Angeles, Department of Water and Power,
(MBIA), 3.00%, 7/1/30
  $ 3,419,988    
  2,710     San Francisco City and County Public Utilities Commission,
(FSA), 4.25%, 11/1/33
    2,570,679    
            $ 5,990,667    
Lease Revenue / Certificates of Participation — 4.1%      
$ 4,000     Sacramento City Financing Authority, 5.40%, 11/1/20   $ 4,471,320    
            $ 4,471,320    

 

See notes to financial statements
12



Eaton Vance California Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Other Revenue — 3.5%      
$ 385     California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles),
5.00%, 12/1/32
  $ 392,161    
  580     California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles),
5.00%, 12/1/37
    589,819    
  3,045     Golden State Tobacco Securitization Corp., 5.75%, 6/1/47     2,867,172    
            $ 3,849,152    
Senior Living / Life Care — 0.7%      
$ 175     California Statewide Communities Development Authority,
(Senior Living - Presbyterian Homes), 4.75%, 11/15/26
  $ 164,469    
  700     California Statewide Communities Development Authority,
(Senior Living - Presbyterian Homes), 4.875%, 11/15/36
    645,995    
            $ 810,464    
Special Tax Revenue — 16.6%      
$ 1,500     Bonita Canyon Public Financing Authority, 5.375%, 9/1/28   $ 1,468,650    
  285     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26     267,638    
  460     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34     417,487    
  1,665     Corona Public Financing Authority, 5.80%, 9/1/20     1,666,648    
  200     Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27
    184,740    
  500     Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36
    444,635    
  1,590     Fontana Redevelopment Agency, (Jurupa Hills),
5.60%, 10/1/27
    1,633,502    
  1,305     Lincoln Public Financing Authority, Improvement Bond
Act of 1915, (Twelve Bridges), 6.20%, 9/2/25
    1,344,620    
  420     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24
    422,701    
  750     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29
    753,795    
  2,450     Oakland Joint Powers Financing Authority, 5.40%, 9/2/18     2,530,336    
  995     Oakland Joint Powers Financing Authority, 5.50%, 9/2/24     1,026,313    
  1,325     San Pablo Redevelopment Agency, 5.65%, 12/1/23     1,375,960    
  1,095     Santa Margarita Water District, 6.20%, 9/1/20     1,133,938    
  250     Santaluz Community Facilities District No. 2, 6.10%, 9/1/21     250,535    
  500     Santaluz Community Facilities District No. 2, 6.20%, 9/1/30     500,750    
  250     Temecula Unified School District, 5.00%, 9/1/27     236,618    
  400     Temecula Unified School District, 5.00%, 9/1/37     365,664    
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     504,590    
  500     Tustin Community Facilities District, 6.00%, 9/1/37     508,245    
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23
    1,012,610    
            $ 18,049,975    

 

Principal Amount
(000's omitted)
  Security   Value  
Transportation — 1.1%  
$ 1,170     Port of Redwood City, (AMT), 5.125%, 6/1/30   $ 1,152,333    
        $ 1,152,333    
Total Tax-Exempt Investments — 160.7%
(identified cost $169,282,645)
  $ 174,488,723    
Other Assets, Less Liabilities — (6.4)%   $ (6,921,483 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (54.3)%
  $ (59,000,000 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 108,567,240    

 

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 - CIFG Assurance North America, Inc.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 47.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 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 November 30, 2007, the aggregate value of the securities is $6,367,094 or 5.9% 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 November 30, 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
13



Eaton Vance Florida Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 175.0%      
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
  $ 1,011,120    
            $ 1,011,120    
Escrowed / Prerefunded — 8.8%      
$ 500     Capital Trust Agency, (Seminole Tribe Convention),
Prerefunded to 10/1/12, 8.95%, 10/1/33(1)
  $ 628,350    
  1,805     Lakeland Hospital System, (Lakeland Regional Health
System), Prerefunded to 11/15/12, 5.50%, 11/15/32
    1,998,388    
  1,200     Lee County Industrial Development Authority, (Shell Point
Village), Prerefunded to 11/15/09, 5.50%, 11/15/29
    1,260,792    
  1,075     South Miami Health Facility Authority, Hospital Revenue,
(Baptist Health), Prerefunded to 2/1/13,
5.25%, 11/15/33
    1,168,127    
  440     Vista Lakes Community Development District, Prerefunded to
5/1/10, 7.20%, 5/1/32
    479,613    
            $ 5,535,270    
Health Care-Miscellaneous — 0.6%      
$ 147     Osceola County Industrial Development Authority,
Community Provider Pooled Loan, 7.75%, 7/1/17
  $ 147,096    
  200     Puerto Rico Infrastructure Financing Authority, (Mepsi
Campus Project), Series A, 6.50%, 10/1/37
    202,294    
            $ 349,390    
Hospital — 17.9%      
$ 850     Brevard County Health Facilities Authority, (Health First, Inc.),
5.00%, 4/1/36
  $ 827,339    
  500     Highlands County Health Facilities Authority,
(Adventist Health System), 5.25%, 11/15/36
    505,685    
  1,030     Jacksonville Economic Development Authority, (Mayo Clinic),
5.00%, 11/15/36
    1,036,685    
  1,250     Jacksonville Economic Development Authority, (Mayo Clinic),
5.50%, 11/15/36
    1,306,612    
  1,000     Orange County Health Facilities Authority,
(Orlando Regional Healthcare), 4.75%, 11/15/36
    927,370    
  2,050     Orange County Health Facilities Authority,
(Orlando Regional Healthcare), 5.125%, 11/15/39
    2,055,535    
  3,135     South Miami Health Facility Authority, Hospital Revenue,
(Baptist Health), 5.00%, 8/15/42
    3,127,068    
  1,400     West Orange Health Care District, 5.80%, 2/1/31     1,443,694    
            $ 11,229,988    

 

Principal Amount
(000's omitted)
  Security   Value  
Housing — 5.6%      
$ 650     Capital Trust Agency, (Atlantic Housing Foundation),
5.30%, 7/1/35
  $ 601,724    
  505     Escambia County Housing Finance Authority,
Single Family Mortgage, (Multi-County Program), (AMT),
5.50%, 10/1/31
    509,373    
  475     Florida Capital Projects Finance Authority,
Student Housing Revenue, (Florida University),
Prerefunded to 8/15/10, 7.75%, 8/15/20
    531,306    
  2,000     Maryland Community Development Authority,
Multifamily Housing, (AMT), 4.85%, 9/1/47
    1,852,180    
            $ 3,494,583    
Industrial Development Revenue — 7.6%      
$ 754     Broward County, Industrial Development Revenue,
(Lynxs Cargoport), (AMT), 6.75%, 6/1/19
  $ 758,953    
  1,000     Capital Trust Agency, (Fort Lauderdale Project), (AMT),
5.75%, 1/1/32
    988,640    
  2,250     Liberty, NY, Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35
    2,391,885    
  650     Puerto Rico Port Authority, (American Airlines), (AMT),
6.30%, 6/1/23
    633,399    
            $ 4,772,877    
Insured-Education — 12.4%      
$ 3,500     Broward County Educational Facilities Authority,
(Nova Southeastern University), (AGC), 5.00%, 4/1/36
  $ 3,601,920    
  2,820     Florida Gulf Coast University Financing Corporation, (MBIA),
4.75%, 8/1/32
    2,834,608    
  645     Orange County Educational Facilities Authority,
(Rollins College Project), (AMBAC), 5.25%, 12/1/32
    685,596    
  650     Orange County Educational Facilities Authority,
(Rollins College Project), (AMBAC), 5.25%, 12/1/37
    689,189    
            $ 7,811,313    
Insured-Electric Utilities — 7.1%      
$ 1,600     Burke County, GA, Development Authority,
(Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34
  $ 1,601,568    
  1,100     Guam Power Authority, (MBIA), 5.125%, 10/1/29     1,132,857    
  1,700     Jupiter Island, Utility System, (South Martin Regional Utility),
(MBIA), 5.00%, 10/1/28
    1,724,089    
            $ 4,458,514    

 

See notes to financial statements
14



Eaton Vance Florida Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Insured-Escrowed / Prerefunded — 6.6%      
$ 650     Dade County, Professional Sports Franchise Facility, (MBIA),
Escrowed to Maturity, 5.25%, 10/1/30
  $ 730,561    
  1,050     Jupiter Island, Utility System, (South Martin Regional Utility),
(MBIA), Prerefunded to 10/1/08, 5.00%, 10/1/28
    1,074,549    
  1,470     Miami Beach, Resort Tax, (AMBAC), Escrowed to Maturity,
6.25%, 10/1/22
    1,795,914    
  500     Orange County Tourist Development Tax, (AMBAC),
Prerefunded to 4/1/12, 5.125%, 10/1/30
    536,670    
            $ 4,137,694    
Insured-General Obligations — 2.8%      
$ 1,500     Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2)   $ 1,768,470    
            $ 1,768,470    
Insured-Hospital — 1.6%      
$ 1,000     Maricopa County Industrial Development Authority,
(Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37
  $ 1,015,410    
            $ 1,015,410    
Insured-Housing — 1.8%      
$ 1,100     Broward County Housing Finance Authority,
Multifamily Housing, (Venice Homes Apartments), (FSA),
(AMT), 5.70%, 1/1/32
  $ 1,107,546    
            $ 1,107,546    
Insured-Other Revenue — 1.9%      
$ 1,150     Pembroke Pines Capital Improvement Revenue,
(Forman Project), (AMBAC), 5.00%, 12/1/31
  $ 1,183,166    
            $ 1,183,166    
Insured-Special Tax Revenue — 24.9%      
$ 985     Cape Coral, Special Obligation, (MBIA), 4.50%, 10/1/36   $ 951,746    
  4,410     Dade County, Special Obligation, (AMBAC),
5.00%, 10/1/35(3)
    4,429,316    
  2,100     Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30     2,136,855    
  3,040     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/35
    729,843    
  5,000     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/38
    1,019,200    
  5,610     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/40
    1,026,911    
  1,395     Miami-Dade County, Special Obligation, (MBIA),
5.00%, 10/1/37
    1,409,759    
  14,850     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     1,352,835    
  2,535     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     390,035    

 

Principal Amount
(000's omitted)
  Security   Value  
Insured-Special Tax Revenue (continued)      
$ 5,030     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45   $ 734,581    
  3,165     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     438,226    
  1,000     Sumter Landing Community Development District,
(Recreational Revenue), (MBIA), 4.75%, 10/1/35
    1,004,940    
            $ 15,624,247    
Insured-Transportation — 33.4%      
$ 2,995     Florida Mid-Bay Bridge Authority, (AMBAC),
4.625%, 10/1/32
  $ 2,957,772    
  2,250     Florida Ports Financing Commission, (FGIC), (AMT),
5.50%, 10/1/29
    2,313,630    
  4,500     Greater Orlando Aviation Authority, (FGIC), (AMT),
5.25%, 10/1/18(3)
    4,607,280    
  2,000     Hillsborough County Port District,
(Tampa Port Authority Project), (MBIA), (AMT),
5.00%, 6/1/36
    2,009,080    
  500     Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25     524,725    
  650     Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29     687,876    
  120     Miami-Dade County, Aviation Revenue,
(Miami International Airport), (AGC), (CIFG), (AMT),
5.00%, 10/1/38
    118,505    
  3,975     Miami-Dade County, Aviation Revenue,
(Miami International Airport), (AGC), (CIFG), (AMT),
5.00%, 10/1/38(3)
    3,990,066    
  750     Palm Beach County Airport System, (MBIA), (AMT),
5.00%, 10/1/34
    751,808    
  3,000     Palm Beach County Airport System, (MBIA), (AMT),
5.00%, 10/1/34(3)
    3,007,230    
            $ 20,967,972    
Insured-Water and Sewer — 22.7%      
$ 1,000     Emerald Coast, Utility Authority Revenue, (FGIC),
4.75%, 1/1/31
  $ 1,008,310    
  2,000     Marco Island, Utility System, (MBIA), 5.00%, 10/1/33(4)     2,054,320    
  1,500     Miami Beach, Storm Water, (FGIC), 5.375%, 9/1/30     1,567,695    
  1,000     Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25     1,028,570    
  2,500     Port St. Lucie, Utility System Revenue, (MBIA),
0.00%, 9/1/32
    699,900    
  2,415     Port St. Lucie, Utility System Revenue, (MBIA),
0.00%, 9/1/33
    642,849    
  4,000     Sunrise Utility System, (AMBAC), 5.00%, 10/1/28     4,192,560    
  1,156     Tampa Bay Water Utility System, (FGIC),
4.75%, 10/1/27(3)
    1,162,440    
  1,844     Tampa Bay Water Utility System, (FGIC),
Prerefunded to 10/1/08, 4.75%, 10/1/27(3)
    1,882,784    
            $ 14,239,428    

 

See notes to financial statements
15



Eaton Vance Florida Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Nursing Home — 1.6%      
$ 265     Orange County Health Facilities Authority,
(Westminster Community Care), 6.60%, 4/1/24
  $ 270,732    
  735     Orange County Health Facilities Authority,
(Westminster Community Care), 6.75%, 4/1/34
    752,206    
            $ 1,022,938    
Special Tax Revenue — 16.1%      
$ 90     Covington Park Community Development District,
(Capital Improvements), 5.00%, 5/1/21
  $ 91,502    
  500     Covington Park Community Development District,
(Capital Improvements), 5.00%, 5/1/31
    492,515    
  265     Dupree Lakes Community Development District,
5.00%, 11/1/10
    264,576    
  205     Dupree Lakes Community Development District,
5.00%, 5/1/12
    193,678    
  360     Dupree Lakes Community Development District,
5.375%, 5/1/37
    304,891    
  315     Heritage Harbor South Community Development District,
(Capital Improvements), 6.20%, 5/1/35
    330,318    
  240     Heritage Springs Community Development District,
5.25%, 5/1/26
    231,079    
  720     Heritage Springs Community Development District,
6.75%, 5/1/21
    725,472    
  340     New River Community Development District,
(Capital Improvements), 5.00%, 5/1/13
    314,728    
  140     New River Community Development District,
(Capital Improvements), 5.35%, 5/1/38
    114,731    
  350     North Springs Improvement District, (Heron Bay),
5.20%, 5/1/27
    269,073    
  625     North Springs Improvement District, (Heron Bay),
7.00%, 5/1/19
    629,969    
  985     River Hall Community Development District,
(Capital Improvements), 5.45%, 5/1/36
    823,450    
  485     Southern Hills Plantation I Community Development District,
5.80%, 5/1/35
    449,644    
  600     Sterling Hill Community Development District,
6.20%, 5/1/35
    615,744    
  500     Stoneybrook West Community Development District,
7.00%, 5/1/32
    520,725    
  1,000     Tisons Landing Community Development District,
5.625%, 5/1/37
    845,210    
  780     University Square Community Development District,
6.75%, 5/1/20
    804,219    
  700     Waterlefe Community Development District,
6.95%, 5/1/31
    742,518    
  175     West Palm Beach Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/29
    165,883    
  1,270     West Palm Beach Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/35
    1,183,297    
            $ 10,113,222    

 

    Value  
Total Tax-Exempt Investments — 175.0%
(identified cost $107,463,895)
  $ 109,843,148    
Other Assets, Less Liabilities — (18.4)%   $ (11,577,861 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (56.6)%
  $ (35,508,272 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 62,757,015    

 

AGC - Assured Guaranty Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

The Trust invests primarily in debt securities issued by Florida municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 65.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 3.3% to 23.6% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $2,396,820 or 3.8% 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 November 30, 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
16



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 157.8%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 18.7%      
$ 2,790     Massachusetts Development Finance Agency,
(Boston University), Series P, 5.45%, 5/15/59
  $ 2,813,380    
  600     Massachusetts Development Finance Agency,
(Middlesex School), 5.00%, 9/1/33
    607,278    
  500     Massachusetts Development Finance Agency,
(Mount Holyoke College), 5.25%, 7/1/31
    520,670    
  1,500     Massachusetts Development Finance Agency,
(Wheeler School), 6.50%, 12/1/29
    1,546,845    
  1,000     Massachusetts Development Finance Agency,
(Xaverian Brothers High School), 5.65%, 7/1/29
    1,009,910    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Boston College), 5.125%, 6/1/33
    1,034,940    
            $ 7,533,023    
Electric Utilities — 9.8%      
$ 1,000     Massachusetts Development Finance Agency,
(Devens Electric System), 6.00%, 12/1/30
  $ 1,054,160    
  1,870     Massachusetts Development Finance Agency,
(Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36
    1,783,008    
  275     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
7.36%, 7/1/25(1)(2)
    284,677    
  825     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
7.36%, 7/1/37(1)(2)
    819,208    
            $ 3,941,053    
Escrowed / Prerefunded — 7.0%      
$ 500     Massachusetts Development Finance Agency,
(Massachusetts College of Pharmacy),
Prerefunded to 7/1/13, 5.75%, 7/1/33
  $ 564,130    
  400     Massachusetts Development Finance Agency,
(Western New England College), Prerefunded to
12/1/12, 6.125%, 12/1/32
    454,024    
  235     Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), Prerefunded to
1/1/12, 6.00%, 7/1/31
    260,878    
  980     Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), Prerefunded to 7/1/10,
6.75%, 7/1/30
    1,061,536    
  1,000     Rail Connections, Inc., (Route 128 Parking), (ACA),
Prerefunded to 7/1/09, 6.53%, 7/1/20
    476,580    
            $ 2,817,148    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Health Care-Miscellaneous — 3.2%      
$ 510     Massachusetts Development Finance Agency,
(MCHSP Human Services), 6.60%, 8/15/29
  $ 499,861    
  700     Massachusetts Health and Educational Facilities Authority,
(Learning Center for Deaf Children), 6.125%, 7/1/29
    708,358    
  100     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), Series A, 6.50%, 10/1/37
    101,147    
            $ 1,309,366    
Hospital — 17.6%      
$ 1,000     Massachusetts Development Finance Agency,
(Biomedical Research Corp.), 6.25%, 8/1/20
  $ 1,064,440    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center), 5.75%, 7/1/33
    1,031,800    
  400     Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31
    418,184    
  105     Massachusetts Health and Educational Facilities Authority,
(Central New England Health Systems), 6.30%, 8/1/18
    105,188    
  865     Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), 6.00%, 7/1/31
    906,252    
  680     Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare Systems), 5.00%, 7/1/29
    690,064    
  820     Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare Systems), 5.00%, 7/1/32
    826,486    
  2,000     Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29
    2,043,140    
            $ 7,085,554    
Housing — 13.6%      
$ 2,100     Massachusetts Housing Finance Agency, 4.75%, 12/1/48   $ 1,920,618    
  1,000     Massachusetts Housing Finance Agency, (AMT),
4.85%, 6/1/40
    944,030    
  650     Massachusetts Housing Finance Agency, (AMT),
5.00%, 12/1/28
    646,236    
  2,000     Massachusetts Housing Finance Agency, (AMT),
5.10%, 12/1/37
    1,983,300    
            $ 5,494,184    
Industrial Development Revenue — 1.7%      
$ 695     Massachusetts Industrial Finance Agency,
(American Hingham Water Co.), (AMT), 6.60%, 12/1/15
  $ 696,390    
            $ 696,390    
Insured-Education — 16.1%      
$ 1,000     Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39
  $ 1,151,490    
  1,000     Massachusetts Development Finance Agency,
(Boston University), (XLCA), 5.375%, 5/15/39
    1,091,170    

 

See notes to financial statements
17



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Education (continued)      
$ 1,365     Massachusetts Development Finance Agency,
(College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(3)
  $ 1,544,379    
  1,600     Massachusetts Development Finance Agency,
(Franklin W. Olin College), (XLCA), 5.25%, 7/1/33
    1,664,640    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Northeastern University), (MBIA), 5.00%, 10/1/29
    1,026,420    
            $ 6,478,099    
Insured-Escrowed / Prerefunded — 3.3%      
$ 500     Massachusetts Health and Educational Facilities Authority,
(UMass-Worcester Campus), (FGIC), Prerefunded to
10/1/11, 5.25%, 10/1/31
  $ 535,305    
  750     Puerto Rico Electric Power Authority, (FSA), Prerefunded to
7/1/10, 5.25%, 7/1/29
    795,045    
            $ 1,330,350    
Insured-General Obligations — 9.3%      
$ 2,390     Milford, (FSA), 4.25%, 12/15/46   $ 2,179,800    
  500     Plymouth, (MBIA), 5.25%, 10/15/20     526,905    
  900     Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2)     1,061,082    
            $ 3,767,787    
Insured-Miscellaneous — 5.1%      
$ 2,000     Boston Convention Center, (AMBAC), 5.00%, 5/1/27   $ 2,046,440    
            $ 2,046,440    
Insured-Other Revenue — 3.7%      
$ 1,250     Massachusetts Development Finance Agency, (WGBH
Educational Foundation), (AMBAC), 5.75%, 1/1/42
  $ 1,503,525    
            $ 1,503,525    
Insured-Special Tax Revenue — 8.2%      
$ 1,500     Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32   $ 1,539,870    
  8,945     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     814,890    
  1,520     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     233,867    
  3,015     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     440,311    
  1,905     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     263,766    
            $ 3,292,704    
Insured-Student Loan — 2.8%      
$ 1,175     Massachusetts Educational Financing Authority, (AMBAC),
(AMT), 4.70%, 1/1/33
  $ 1,125,204    
            $ 1,125,204    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 15.0%      
$ 800     Massachusetts Port Authority, (Bosfuel Project),
(FGIC), (AMT), 5.00%, 7/1/32
  $ 806,640    
  2,000     Massachusetts Port Authority, (Bosfuel Project),
(FGIC), (AMT), 5.00%, 7/1/38
    2,008,980    
  3,200     Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), 5.00%, 1/1/37(3)
    3,219,861    
  33     Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), Variable Rate, 7.026%, 1/1/37(1)(2)
    33,954    
            $ 6,069,435    
Nursing Home — 2.8%      
$ 500     Boston Industrial Development Authority,
(Alzheimer's Center), (FHA), 6.00%, 2/1/37
  $ 510,725    
  600     Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29
    607,164    
            $ 1,117,889    
Senior Living / Life Care — 5.6%      
$ 1,500     Massachusetts Development Finance Agency,
(Berkshire Retirement), 5.625%, 7/1/29
  $ 1,504,260    
  100     Massachusetts Development Finance Agency,
(First Mortgage VOA Concord), 5.125%, 11/1/27
    90,658    
  100     Massachusetts Development Finance Agency,
(First Mortgage VOA Concord), 5.20%, 11/1/41
    87,035    
  300     Massachusetts Development Finance Agency,
(Linden Ponds, Inc.), 5.75%, 11/15/35
    288,705    
  310     Massachusetts Development Finance Agency,
(Linden Ponds, Inc.), 5.75%, 11/15/42
    296,100    
            $ 2,266,758    
Special Tax Revenue — 7.3%      
$ 7,195     Massachusetts Bay Transportation Authority, 0.00%, 7/1/34   $ 1,917,611    
  1,000     Puerto Rico Sales Tax Financing, 5.25%, 8/1/57     1,013,170    
            $ 2,930,781    
Water and Sewer — 7.0%      
$ 100     Massachusetts Water Pollution Abatement Trust,
5.00%, 8/1/32
  $ 102,953    
  965     Massachusetts Water Pollution Abatement Trust,
5.375%, 8/1/27
    996,305    
  2,000     Massachusetts Water Resources Authority, 4.00%, 8/1/46     1,746,640    
            $ 2,845,898    

 

See notes to financial statements
18



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

    Value  
Total Tax-Exempt Investments — 157.8%
(identified cost $62,536,249)
  $ 63,651,588    
Other Assets, Less Liabilities — (4.5)%   $ (1,800,128 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (53.3)%
  $ (21,510,017 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 40,341,443    

 

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.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

FGIC - Financial Guaranty Insurance Company

FHA - Federal Housing Administration

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 40.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 5.3% to 13.5% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $2,198,921 or 5.5% 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 November 30, 2007.

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

See notes to financial statements
19




Eaton Vance Michigan Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 160.5%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 6.0%      
$ 1,250     Michigan Higher Education Facilities Authority, (Creative
Studies), 5.90%, 12/1/27
  $ 1,294,912    
  540     Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35
    541,107    
            $ 1,836,019    
Electric Utilities — 9.1%      
$ 1,250     Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
  $ 1,276,387    
  375     Puerto Rico Electric Power Authority, DRIVERS, Variable
Rate, 7.36%, 7/1/25(1)(2)
    388,196    
  1,125     Puerto Rico Electric Power Authority, DRIVERS, Variable
Rate, 7.36%, 7/1/37(1)(2)
    1,117,102    
            $ 2,781,685    
Escrowed / Prerefunded — 10.6%      
$ 500     Kent Hospital Finance Authority, (Spectrum Health),
Prerefunded to 7/15/11, 5.50%, 1/15/31
  $ 541,625    
  750     Michigan Hospital Finance Authority, (Ascension Health Care),
Prerefunded to 11/15/09, 6.125%, 11/15/26
    796,665    
  750     Michigan Hospital Finance Authority,
(Sparrow Obligation Group), Prerefunded to 11/15/11,
5.625%, 11/15/36
    818,010    
  1,000     Puerto Rico Electric Power Authority, Prerefunded to
7/1/12, 5.25%, 7/1/31
    1,095,190    
            $ 3,251,490    
General Obligations — 10.8%      
$ 500     East Grand Rapids Public School District, 5.00%, 5/1/25   $ 516,945    
  1,000     Manistee Area Public Schools, 5.00%, 5/1/24     1,033,890    
  750     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
    758,490    
  1,000     White Cloud Public Schools, Prerefunded to 5/1/11,
5.125%, 5/1/31
    1,024,250    
            $ 3,333,575    
Health Care-Miscellaneous — 0.3%      
$ 100     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), Series A, 6.50%, 10/1/37
  $ 101,147    
            $ 101,147    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital — 28.4%      
$ 500     Allegan Hospital Finance Authority, (Allegan General
Hospital), 7.00%, 11/15/21
  $ 520,945    
  185     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.20%, 1/1/25
    187,418    
  125     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.50%, 1/1/37
    127,905    
  560     Macomb County Hospital Finance Authority, (Mount
Clemens General Hospital), 5.875%, 11/15/34
    545,580    
  500     Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18
    509,400    
  1,000     Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.25%, 10/1/27
    1,007,780    
  750     Michigan Hospital Finance Authority, (Henry Ford
Health System), 5.00%, 11/15/38
    738,487    
  1,000     Michigan Hospital Finance Authority, (Henry Ford
Health System), 5.25%, 11/15/46
    1,006,940    
  1,430     Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35
    1,412,997    
  750     Michigan Hospital Finance Authority, (Memorial
Healthcare Center), 5.875%, 11/15/21
    770,227    
  1,000     Michigan Hospital Finance Authority, (Trinity Health),
6.00%, 12/1/27
    1,060,420    
  800     Saginaw Hospital Finance Authority, (Covenant Medical
Center), 6.50%, 7/1/30
    850,680    
            $ 8,738,779    
Housing — 3.1%      
$ 1,000     Michigan State Housing Development Authority,
(Williams Pavilion), (AMT), 4.90%, 4/20/48
  $ 944,690    
            $ 944,690    
Industrial Development Revenue — 7.7%      
$ 1,000     Detroit Local Development Finance Authority,
(Chrysler Corp.), 5.375%, 5/1/21
  $ 934,590    
  800     Dickinson County Electronic Development Corp.,
(International Paper Co.), 5.75%, 6/1/16
    827,992    
  625     Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26
    604,088    
            $ 2,366,670    
Insured-Electric Utilities — 9.0%      
$ 1,000     Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29
  $ 1,028,960    
  500     Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (XLCA), 5.25%, 12/15/32
    512,545    
  1,200     Puerto Rico Electric Power Authority, (MBIA),
4.75%, 7/1/33(3)
    1,212,564    
            $ 2,754,069    

 

See notes to financial statements
20



Eaton Vance Michigan Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded — 20.4%      
$ 1,000     Central Montcalm Public Schools, (MBIA), Prerefunded to
5/1/09, 6.00%, 5/1/29
  $ 1,037,750    
  1,000     Detroit Sewer Disposal, (FGIC), Prerefunded to
7/1/11, 5.125%, 7/1/31
    1,062,780    
  2,000     Fenton Area Public Schools, (FGIC), Prerefunded to
5/1/08, 5.00%, 5/1/24
    2,013,660    
  2,000     Novi Building Authority, (FSA), Prerefunded to
10/1/10, 5.50%, 10/1/25
    2,139,420    
            $ 6,253,610    
Insured-General Obligations — 8.2%      
$ 650     Detroit, School District, (FGIC), 4.75%, 5/1/28   $ 653,543    
  750     Detroit, School District, (FSA), 5.25%, 5/1/32     847,838    
  200     Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25     201,042    
  700     Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2)     825,286    
            $ 2,527,709    
Insured-Hospital — 6.7%      
$ 1,000     Royal Oak Hospital Finance Authority Revenue,
(William Beaumont Hospital), (MBIA), 5.25%, 11/15/35
  $ 1,018,010    
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical
Center), (MBIA), 5.50%, 7/1/24
    1,032,180    
            $ 2,050,190    
Insured-Lease Revenue / Certificates
of Participation — 4.3%
     
$ 4,300     Michigan State Building Authority, (FGIC),
0.00%, 10/15/30
  $ 1,320,014    
            $ 1,320,014    
Insured-Special Tax Revenue — 11.5%      
$ 5,160     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54   $ 470,076    
  1,225     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     188,479    
  2,430     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     354,877    
  1,470     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     203,536    
  2,250     Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (MBIA), 5.00%, 12/1/30
    2,317,455    
            $ 3,534,423    
Insured-Student Loan — 6.6%      
$ 1,000     Michigan Higher Education Student Loan Authority,
(AMBAC), (AMT), 5.00%, 3/1/31
  $ 1,006,270    
  1,000     Michigan Higher Education Student Loan Authority,
(AMBAC), (AMT), 5.50%, 6/1/25
    1,022,720    
            $ 2,028,990    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 3.3%      
$ 1,000     Wayne Charter County Airport, (MBIA), (AMT),
5.00%, 12/1/28
  $ 1,003,590    
            $ 1,003,590    
Insured-Water and Sewer — 5.5%      
$ 1,650     Detroit Water Supply System, (FGIC), 5.00%, 7/1/30   $ 1,678,347    
            $ 1,678,347    
Lease Revenue / Certificates of Participation — 0.8%      
$ 250     Puerto Rico, (Guaynabo Municipal Government
Center Lease), 5.625%, 7/1/22
  $ 251,203    
            $ 251,203    
Other Revenue — 3.3%      
$ 12,500     Michigan Tobacco Settlement Finance Authority,
0.00%, 6/1/52
  $ 536,750    
  500     Michigan Tobacco Settlement Finance Authority,
6.00%, 6/1/48
    487,035    
            $ 1,023,785    
Transportation — 4.9%      
$ 1,500     Kent County Airport Facility, 5.00%, 1/1/25(3)   $ 1,513,673    
            $ 1,513,673    
Total Tax-Exempt Investments — 160.5%
(identified cost $47,817,304)
  $ 49,293,658    
Other Assets, Less Liabilities — (3.5)%   $ (1,079,283 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (57.0)%
  $ (17,504,030 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 30,710,345    

 

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.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

See notes to financial statements
21



Eaton Vance Michigan Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 47.0% 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 19.5% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $2,330,584 or 7.6% 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 November 30, 2007.

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

See notes to financial statements
22



Eaton Vance New Jersey Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 172.2%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 5.5%      
$ 250     New Jersey Educational Facilities Authority, (Georgian
Court University), 5.00%, 7/1/27
  $ 247,372    
  250     New Jersey Educational Facilities Authority, (Georgian
Court University), 5.00%, 7/1/33
    240,225    
  220     New Jersey Educational Facilities Authority, (Georgian
Court University), 5.25%, 7/1/37
    218,354    
  3,055     New Jersey Educational Facilities Authority, (Princeton
University), 4.50%, 7/1/30
    3,058,422    
            $ 3,764,373    
Electric Utilities — 2.2%      
$ 1,500     Salem County Pollution Control Financing,
(Public Service Enterprise Group, Inc.), (AMT),
5.75%, 4/1/31
  $ 1,508,160    
            $ 1,508,160    
Escrowed / Prerefunded — 12.5%      
$ 3,935     New Jersey Educational Facilities Authority,
(Princeton University), Prerefunded to 7/1/10,
5.00%, 7/1/20
  $ 4,059,425    
  460     New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), Prerefunded to 7/1/12,
5.75%, 7/1/25
    507,688    
  950     Tobacco Settlement Financing Corp., Prerefunded to
6/1/13, 6.75%, 6/1/39
    1,109,381    
  2,500     Tobacco Settlement Financing Corp., Prerefunded to
6/1/13, 6.75%, 6/1/39(1)
    2,919,425    
            $ 8,595,919    
General Obligations — 5.1%      
$ 3,500     Puerto Rico Public Buildings Authority,
Commonwealth Guaranteed, 5.25%, 7/1/29
  $ 3,539,620    
            $ 3,539,620    
Health Care-Miscellaneous — 0.4%      
$ 300     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), Series A, 6.50%, 10/1/37
  $ 303,441    
            $ 303,441    
Hospital — 28.4%      
$ 100     Camden County Improvement Authority,
(Cooper Health System), 5.00%, 2/15/25
  $ 97,903    
  90     Camden County Improvement Authority,
(Cooper Health System), 5.00%, 2/15/35
    84,951    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 100     Camden County Improvement Authority,
(Cooper Health System), 5.25%, 2/15/27
  $ 99,812    
  2,750     Camden County Improvement Authority,
(Cooper Health System), 5.75%, 2/15/34
    2,813,387    
  575     New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), 5.75%, 7/1/25
    599,742    
  4,400     New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37
    4,401,452    
  2,140     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.25%, 7/1/27
    2,141,027    
  1,765     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.375%, 7/1/33
    1,750,368    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34
    2,060,900    
  450     New Jersey Health Care Facilities Financing Authority,
(Hunterdon Medical Center), 5.125%, 7/1/35
    452,619    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Robert Wood Johnson University Hospital), 5.75%, 7/1/31
    2,069,940    
  1,100     New Jersey Health Care Facilities Financing Authority,
(South Jersey Hospital), 5.00%, 7/1/36
    1,104,147    
  1,930     New Jersey Health Care Facilities Financing Authority,
(South Jersey Hospital), 5.00%, 7/1/46
    1,921,392    
            $