Eaton Vance Ohio Municipal Income Trust
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09153
Eaton Vance Ohio Municipal Income Trust
(Exact Name of registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(registrant’s Telephone Number)
November 30
Date of Fiscal Year End
May 31, 2009
Date of Reporting Period
 
 

 


 

Item 1. Reports to Stockholders

 


 

(IMAGE)

 


 

 
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
 
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
 
  •  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
 
  •  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
 
  •  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
 
  •  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
 
In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
 
For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
 
 
 
 
Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.
 
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
 
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
 
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
 
 
 
 
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
 
 
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.


 

Eaton Vance Municipal Income Trusts as of May 31, 2009
TABLE OF CONTENTS
         
    2  
 
       
       
 
       
    4  
    5  
    6  
    7  
    8  
    9  
    10  
 
       
Financial Statements
    11  
 
       
Annual Meeting of Shareholders
    65  
 
       
Dividend Reinvestment Plan
    66  
 
       
Board of Trustees’ Annual Approval of the Investment Advisory Agreements
    68  
 
       
Officers and Trustees
    71  

1


 

Eaton Vance Municipal Income Trusts as of May 31, 2009
INVESTMENT UPDATE
Eaton Vance Municipal Income Trusts (the “Trusts”) are closed-end Trusts, traded on the NYSE Amex, which are designed to provide current income exempt from regular federal income tax and state personal income taxes. This income is earned by investing primarily in investment-grade municipal securities.
Economic and Market Conditions
During the six-month period ending May 31, 2009, investors began to see signs of hope as the capital markets generally rallied and began to stabilize. Despite continued economic weakness — the U.S. economy contracted by 6.3% (annualized) in the fourth quarter of 2008 and 5.5% (annualized) in the first quarter of 2009 — the Obama administration’s massive spending proposals served as a catalyst for optimism. February was a particularly strong month for economic data: factory orders increased 1.8%; new home sales rose 4.7%; and existing home sales surged 5.1%. The upturn in the housing market was bolstered by historically low mortgage rates, an $8,000 tax credit for first-time home buyers that was part of President Obama’s stimulus legislation, and a plethora of distressed properties on the market. Unemployment, on the other hand, rose to 9.4% in May 2009 from 7.2% in December 2008.
On February 17, 2009, President Obama signed a historic $787 billion stimulus program into law and outlined a $50 billion foreclosure rescue plan. These programs followed the $700 billion financial institution rescue legislation passed last fall. Additionally, the U.S. Federal Reserve kept the federal funds rate at a range of 0.0% to 0.25%.
During the period, municipals rallied strongly from extremely oversold levels reached in December 2008. As a result, returns for municipals were impressive for the six-month period, helping to make up for the losses incurred in the fall of 2008. The Barclays Capital Municipal Bond Index (the Index) — a broad-based, unmanaged index of municipal bonds — gained 9.0%, while many of the state Lipper categories average returns ranged from 20% to 30% for the six-month period.1
Management Discussion
Relative to the Index, the Trusts outperformed for the six-month period ending May 31, 2009. The six-month results reflect several factors, including strong demand for longer-maturity municipal bonds and the ebbing of negative technical factors that had plagued the municipal market throughout 2008. The period included December, an important demarcation point for the municipal market, as municipal spreads reached all-time peaks during the month amid especially high uncertainty in the markets. In the period following December, the municipal market witnessed five months of dramatic rebound as headline risk abated, demand returned from investors who had sought the relative safety of Treasury bonds in 2008 and cautious optimism spread on signs of a mildly improving economy. The renewed appetite for municipal bonds was buoyed by legislative efforts aimed at supporting the municipal market, much of which focused on reducing tax-exempt municipal supply through the Build America Bonds program and the federal stimulus provided to states through the American Recovery & Reinvestment Act of 2009. The result of these events during the period was a dramatic rally for the sector as yields fell and prices rose across the yield curve.
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. While the price declines experienced by municipals in 2008 were most pronounced on the long end of the yield curve, longer-maturity bonds outperformed shorter maturities during the period, thus providing the basis for much of the Trusts’ outperformance relative to the Index. Higher allocations to revenue bonds also contributed positively as general obligation bonds trailed revenue issues during the period.
The employment of leverage and leveraged investments in the Trusts, through which additional exposure to the municipal market is achieved, was yet another positive factor during the period. Leverage has the impact
 
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.
 
    Past performance is no guarantee of future results.

2


 

Eaton Vance Municipal Income Trusts as of May 31, 2009
INVESTMENT UPDATE
of enhancing returns during up markets while exacerbating performance on the downside. Given the broad rally in the municipal sector during the period, the use of leverage was a contributor to performance.
As we move ahead, we maintain our long-term perspective on the markets against the backdrop of relatively short periods of market volatility. We will continue to actively manage municipals in this environment — like in all others — with the same income-focused, relative value approach we have always employed. We believe that this approach, which is based on careful credit research and our decades of experience in the municipal market, has served municipal investors well over the long term. In addition, many state governments, particularly California, face significant budget deficits that are driven primarily by a steep decline in tax revenues. We will continue to monitor any new developments as state legislatures formulate solutions to address these fiscal problems.
A Note Regarding The Use Of Leverage
The Trusts employ leverage through the issuance of Auction Preferred Shares (APS) and the use of tender option bond (TOB) financing.1 Each Trust’s APS and TOB percentage leverage as of May 31, 2009 is reflected on the Trust-specific pages following this letter. The leverage created by APS and TOB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and share price of the common shares).
During the period, certain of the Trusts redeemed a portion of their outstanding APS to reduce the amount of the Trusts’ financial leverage. Information relating to these redemptions is contained in Note 2 to the Financial Statements.
 
1   See Note 1H to the Financial Statements for more information on TOB investments.

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. Portfolio information provided in the report may not be representative of the Trusts’ current or future investments and may change due to active management.

3


 

Eaton Vance California Municipal Income Trust as of May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
         
NYSE Amex Symbol   CEV  
Average Annual Total Returns (by share price)
 
Six Months
    25.27 %
One Year
    -13.84  
Five Years
    0.83  
Ten Years
    4.10  
Life of Trust (1/29/99)
    3.00  
         
Average Annual Total Returns (by net asset value)        
 
Six Months
    23.52 %
One Year
    -13.00  
Five Years
    1.32  
Ten Years
    4.17  
Life of Trust (1/29/99)
    3.64  
 
       
Premium/(Discount) to NAV
    -6.21 %
         
Market Yields        
 
Market Yield2
    7.03 %
Taxable-Equivalent Market Yield3
    11.93  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index     Barclays Capital Long (22+) Municipal Bond Index  
 
Six Months
    9.00 %     14.40 %
One Year
    3.57       -2.50  
Five Years
    4.41       3.81  
Ten Years
    4.95       4.69  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper California Municipal Debt Funds Classification (by net asset value)
 
Six Months
    14.99 %
One Year
    -6.65  
Five Years
    2.94  
Ten Years
    4.36  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Cynthia J. Clemson
Rating Distribution*6
By total investments
(PIE CHART)
 
*   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 May 31, 2009, is as follows, and the average rating is AA-:
     
AAA
  27.1%
AA
  30.7%
A
  24.7%
BBB
  10.4%
Not Rated
  7.1%
Trust Statistics7
           
  Number of Issues:   96   
  Average Maturity:   22.1 years   
  Average Effective Maturity:   18.4 years   
  Average Call Protection:   7.9 years   
  Average Dollar Price: $ 84.11   
  APS Leverage**:   32.6  %
  TOB Leverage**:   12.4  %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) 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 effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of 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). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. 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, 24 and 14 funds for the 6-month, 1-year, 5-year and 10-year 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. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. 7 Trust 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 May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
         
NYSE Amex Symbol   MMV
Average Annual Total Returns (by share price)        
 
Six Months
    45.98 %
One Year
    -3.53  
Five Years
    2.51  
Ten Years
    4.91  
Life of Trust (1/29/99)
    4.09  
 
Average Annual Total Returns (by net asset value)        
 
Six Months
    28.43 %
One Year
    -5.96  
Five Years
    2.38  
Ten Years
    4.67  
Life of Trust (1/29/99)
    4.09  
 
       
Premium/(Discount) to NAV
    0.00 %
         
Market Yields        
 
Market Yield2
    6.66 %
Taxable-Equivalent Market Yield3
    10.82  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index     Barclays Capital Long (22+) Municipal Bond Index  
 
Six Months
    9.00 %     14.40 %
One Year
    3.57       -2.50  
Five Years
    4.41       3.81  
Ten Years
    4.95       4.69  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Other States Municipal Debt Funds Classification (by net asset value)
 
Six Months
    15.92 %
One Year
    -0.60  
Five Years
    3.80  
Ten Years
    4.66  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Robert B. MacIntosh, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   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 May 31, 2009, is as follows, and the average rating is A+:
     
AAA
  8.5%
AA
  39.4%
A
  33.0%
BBB
  11.4%
BB
  1.0%
Not Rated
  6.7%
Trust Statistics7
           
  Number of Issues:   62
  Average Maturity:   26.9 years
  Average Effective Maturity:   23.1 years
  Average Call Protection:   9.4 years
  Average Dollar Price: $ 89.83
  APS Leverage**:   34.5 %
  TOB Leverage**:   6.7 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) 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 effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of 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). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. 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 43, 43, 43 and 20 funds for the 6-month, 1-year, 5-year and 10-year 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. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. 7 Trust 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 May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
         
NYSE Amex Symbol   EMI  
Average Annual Total Returns (by share price)        
 
Six Months
    43.51 %
One Year
    -5.07  
Five Years
    -1.01  
Ten Years
    3.07  
Life of Trust (1/29/99)
    2.85  
 
Average Annual Total Returns (by net asset value)
 
Six Months
    17.84 %
One Year
    -5.12  
Five Years
    2.35  
Ten Years
    4.55  
Life of Trust (1/29/99)
    4.03  
 
       
Premium/(Discount) to NAV
    -11.18 %
         
Market Yields        
 
Market Yield2
    7.13 %
Taxable-Equivalent Market Yield3
    11.47  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index     Barclays Capital Long (22+) Municipal Bond Index  
 
Six Months
    9.00 %     14.40 %
One Year
    3.57       -2.50  
Five Years
    4.41       3.81  
Ten Years
    4.95       4.69  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Michigan Municipal Debt Funds Classification (by net asset value)
 
Six Months
    14.20 %
One Year
    -1.19  
Five Years
    3.49  
Ten Years
    4.81  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: William H. Ahern, Jr., CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   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 May 31, 2009, is as follows, and the average rating is AA-:
     
AAA
  26.0%
AA
  38.4%
A
  18.2%
BBB
  12.8%
BB
  1.1%
CCC
  0.7%
Not Rated
  2.8%
Trust Statistics7
         
  Number of Issues:   66
  Average Maturity:   21.5 years
  Average Effective Maturity:   15.3 years
  Average Call Protection:   5.6 years
  Average Dollar Price: $ 92.20
  APS Leverage**:   39.1 %
  TOB Leverage**:   2.5 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) 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 effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of 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). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.83% 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 Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. 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 4, 4, 4 and 3 funds for the 6-month, 1-year, 5-year and 10-year 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. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. 7 Trust 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 May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
         
NYSE Amex Symbol   EVJ  
Average Annual Total Returns (by share price)        
 
Six Months
    46.46 %
One Year
    -0.65  
Five Years
    2.20  
Ten Years
    4.32  
Life of Trust (1/29/99)
    3.84  
         
Average Annual Total Returns (by net asset value)        
 
Six Months
    37.74 %
One Year
    -6.38  
Five Years
    2.99  
Ten Years
    4.70  
Life of Trust (1/29/99)
    4.23  
 
       
Premium/(Discount) to NAV
    -3.85 %
         
Market Yields        
 
Market Yield2
    7.01 %
Taxable-Equivalent Market Yield3
    11.85  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index     Barclays Capital Long (22+) Municipal Bond Index  
 
Six Months
    9.00 %     14.40 %
One Year
    3.57       -2.50  
Five Years
    4.41       3.81  
Ten Years
    4.95       4.69  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper New Jersey Municipal Debt Funds Classification (by net asset value)
 
Six Months
    18.45 %
One Year
    -2.76  
Five Years
    3.55  
Ten Years
    4.51  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Robert B. MacIntosh, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   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 May 31, 2009, is as follows, and the average rating is A+:
     
AAA
  22.7%
AA
  29.2%
A
  24.4%
BBB
  20.2%
B
  1.5%
Not Rated
  2.0%
Trust Statistics7
         
  Number of Issues:   76
  Average Maturity:   25.4 years
  Average Effective Maturity:   19.8 years
  Average Call Protection:   8.4 years
  Average Dollar Price: $ 87.87
  APS Leverage**:   32.4 %
  TOB Leverage**:   11.8 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) 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 effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of 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). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. 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 10, 10, 10 and 6 funds for the 6-month, 1-year, 5-year and 10-year 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. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. 7 Trust 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 May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
         
NYSE Amex Symbol   EVY
Average Annual Total Returns (by share price)        
 
Six Months
    65.31 %
One Year
    -6.45  
Five Years
    3.73  
Ten Years
    5.26  
Life of Trust (1/29/99)
    4.39  
         
Average Annual Total Returns (by net asset value)
 
Six Months
    32.65 %
One Year
    -12.66  
Five Years
    1.35  
Ten Years
    4.37  
Life of Trust (1/29/99)
    3.87  
 
       
Premium/(Discount) to NAV
    5.29 %
         
Market Yields        
 
Market Yield2
    6.81 %
Taxable-Equivalent Market Yield3
    11.25  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index     Barclays Capital Long (22+) Municipal Bond Index  
 
Six Months
    9.00 %     14.40 %
One Year
    3.57       -2.50  
Five Years
    4.41       3.81  
Ten Years
    4.95       4.69  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper New York Municipal Debt Funds Classification (by net asset value)
 
Six Months
    15.56 %
One Year
    -6.05  
Five Years
    3.00  
Ten Years
    4.68  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Craig R. Brandon, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   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 May 31, 2009, is as follows, and the average rating is A+:
     
AAA
  15.5%
AA
  39.0%
A
  17.9%
BBB
  11.8%
BB
  4.5%
B
  3.1%
Not Rated
  8.2%
Trust Statistics7
         
  Number of Issues:   82
  Average Maturity:   24.6 years
  Average Effective Maturity:   19.6 years
  Average Call Protection:   8.9 years
  Average Dollar Price: $ 87.69
  APS Leverage**:   29.8 %
  TOB Leverage**:   13.4 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) out standing at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) 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 effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of 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). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. 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, 17 and 8 funds for the 6-month, 1-year, 5-year and 10-year 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. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. 7 Trust 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 May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Turst Performance1
         
NYSE Amex Symbol   EVO
Average Annual Total Returns (by share price)        
 
Six Months
    49.63 %
One Year
    3.02  
Five Years
    2.50  
Ten Years
    4.14  
Life of Trust (1/29/99)
    3.96  
         
Average Annual Total Returns (by net asset value)
 
Six Months     24.41 %
One Year
    -5.24  
Five Years
    2.82  
Ten Years
    4.58  
Life of Trust (1/29/99)
    4.13  
 
       
Premium/(Discount) to NAV
    -1.59 %
         
Market Yields        
 
Market Yield2
    6.41 %
Taxable-Equivalent Market Yield3
    10.55  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index     Barclays Capital Long (22+) Municipal Bond Index  
 
Six Months
    9.00 %     14.40 %
One Year
    3.57       -2.50  
Five Years
    4.41       3.81  
Ten Years
    4.95       4.69  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Other States Municipal Debt Funds Classification (by net asset value)
 
Six Months
    15.92 %
One Year
    -0.60  
Five Years
    3.80  
Ten Years
    4.66  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: William H. Ahern, Jr., CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   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 May 31, 2009, is as follows, and the average rating is AA-:
     
AAA
  27.4%
AA
  41.1%
A
  16.2%
BBB
  7.8%
B
  1.6%
Not Rated
  5.9%
Trust Statistics7
         
  Number of Issues:   77
  Average Maturity:   22.5 years
  Average Effective Maturity:   16.3 years
  Average Call Protection:   7.4 years
  Average Dollar Price: $ 90.44
  APS Leverage**:   37.6 %
  TOB Leverage**:   3.8 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions.
 
1   Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) 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 effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of 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). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.26% 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 Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. 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 43, 43, 43 and 20 funds for the 6-month, 1-year, 5-year and 10-year 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. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. 7 Trust 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 May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
         
NYSE Amex Symbol   EVP
Average Annual Total Returns (by share price)        
 
Six Months
    29.18 %
One Year
    -0.80  
Five Years
    2.57  
Ten Years
    4.47  
Life of Trust (1/29/99)
    3.72  
         
Average Annual Total Returns (by net asset value)
 
Six Months
    26.90 %
One Year
    -6.30  
Five Years
    2.93  
Ten Years
    4.77  
Life of Trust (1/29/99)
    4.27  
 
       
Premium/(Discount) to NAV
    -5.31 %
         
Market Yields        
 
Market Yield2
    6.61 %
Taxable-Equivalent Market Yield3
    10.49  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index     Barclays Capital Long (22+) Municipal Bond Index  
 
Six Months
    9.00 %     14.40 %
One Year
    3.57       -2.50  
Five Years
    4.41       3.81  
Ten Years
    4.95       4.69  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value)
 
Six Months
    17.05 %
One Year
    -3.39  
Five Years
    2.65  
Ten Years
    4.37  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Adam A. Weigold, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   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 May 31, 2009, is as follows, and the average rating is AA-:
     
AAA
  17.9%
AA
  43.6%
A
  22.8%
BBB
  4.6%
BB
  1.7%
B
  1.4%
CCC
  1.3%
Not Rated
  6.7%
Trust Statistics7
         
  Number of Issues:   79
  Average Maturity:   21.6 years
  Average Effective Maturity:   16.1 years
  Average Call Protection:   7.2 years
  Average Dollar Price: $ 93.18
  APS Leverage**:   35.7 %
  TOB Leverage**:   6.8 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) 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 effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of 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). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. 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 7, 7, 7 and 4 funds for the 6-month, 1-year, 5-year and 10-year 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. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. 7 Trust 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 May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 177.9%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 14.9%
 
$ 2,000     California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39   $ 1,966,520      
  2,770     California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29     2,304,557      
  500     California Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29     502,240      
  1,350     California Educational Facilities Authority,
(Santa Clara University), 5.00%, 9/1/23
    1,429,137      
  4,000     California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1)     4,000,400      
  2,500     San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41     2,382,875      
 
 
            $ 12,585,729      
 
 
 
 
Electric Utilities — 4.0%
 
$ 2,275     Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27   $ 2,067,725      
  1,300     Vernon, Electric System Revenue, 5.125%, 8/1/21     1,278,316      
 
 
            $ 3,346,041      
 
 
 
 
General Obligations — 11.9%
 
$ 750     California, 6.00%, 4/1/38   $ 772,388      
  1,610     California, (AMT), 5.05%, 12/1/36     1,380,237      
  4,770     San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2)     4,661,077      
  3,180     Santa Clara County, (Election of 2008), 5.00%, 8/1/39(2)     3,225,394      
 
 
            $ 10,039,096      
 
 
 
 
Health Care-Miscellaneous — 0.3%
 
$ 300     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 226,770      
 
 
            $ 226,770      
 
 
 
 
Hospital — 32.8%
 
$ 1,000     California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32   $ 984,070      
  2,935     California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34     2,660,666      
  1,500     California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38     1,607,145      
  3,480     California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(2)     3,213,734      
  750     California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31     720,255      
  3,900     California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35     3,468,543      
  1,750     California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36     1,579,270      
  1,650     California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32     1,580,832      
  1,750     California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29     1,570,905      
  1,500     California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28     1,511,700      
  1,500     Duarte, (Hope National Medical Center), 5.25%, 4/1/24     1,453,320      
  410     Tahoe Forest Hospital District, 5.85%, 7/1/22     378,565      
  2,000     Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31     1,928,340      
  1,250     Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34     838,787      
  2,000     Washington Health Care Facilities Authority, (Providence Health Care), 5.25%, 7/1/29     1,834,860      
  2,780     Washington Township Health Care District, 5.00%, 7/1/32     2,388,381      
 
 
            $ 27,719,373      
 
 
 
 
Housing — 2.6%
 
$ 1,750     California Housing Finance Agency, (AMT), 4.75%, 8/1/42   $ 1,267,263      
  722     Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29     578,357      
  421     Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29     334,331      
 
 
            $ 2,179,951      
 
 
 
 
Industrial Development Revenue — 3.9%
 
$ 800     California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27   $ 800,248      
  1,235     California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23     1,120,577      
  2,000     California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46     1,394,280      
 
 
            $ 3,315,105      
 
 
 

 
See notes to financial statements

11


 

 
Eaton Vance California Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Education — 7.8%
 
$ 400     California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35   $ 388,000      
  3,270     California Educational Facilities Authority, (Pooled College and University), (NPFG), 5.10%, 4/1/23     3,273,761      
  3,000     California State University, (AMBAC), 5.00%, 11/1/33     2,962,380      
 
 
            $ 6,624,141      
 
 
 
 
Insured-Electric Utilities — 10.2%
 
$ 2,500     California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16   $ 2,491,000      
  3,250     California Pollution Control Financing Authority, (Southern California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31     2,875,145      
  3,510     Los Angeles Department of Water and Power, (FSA), 4.625%, 7/1/37     3,208,666      
 
 
            $ 8,574,811      
 
 
 
 
Insured-Escrowed / Prerefunded — 2.9%
 
$ 5,130     Foothill/Eastern Transportation Corridor Agency, (FSA), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26   $ 2,416,384      
 
 
            $ 2,416,384      
 
 
 
 
Insured-General Obligations — 6.7%
 
$ 7,000     Coast Community College District,
(Election of 2002), (FSA), 0.00%, 8/1/34
  $ 1,503,040      
  4,825     Coast Community College District,
(Election of 2002), (FSA), 0.00%, 8/1/35
    967,943      
  7,995     Sweetwater Union High School District,
(Election 2000), (FSA), 0.00%, 8/1/25
    3,226,702      
 
 
            $ 5,697,685      
 
 
 
 
Insured-Hospital — 18.5%
 
$ 3,100     California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37   $ 3,112,276      
  3,200     California Statewide Communities Development Authority, (Children’s Hospital Los Angeles), (NPFG), 5.25%, 8/15/29     2,973,824      
  750     California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(2)     744,038      
  5,000     California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2)     5,016,200      
  3,735     California Statewide Communities Development Authority, (Sutter Health), (FSA), 5.75%, 8/15/27(2)     3,781,899      
 
 
            $ 15,628,237      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 11.9%
 
$ 6,475     Anaheim Public Financing Authority, Lease Revenue, (Public Improvements), (FSA), 0.00%, 9/1/17   $ 4,384,028      
  2,000     Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27     2,258,340      
  3,500     San Diego County Water Authority, (FSA), 5.00%, 5/1/38(2)     3,416,210      
 
 
            $ 10,058,578      
 
 
 
 
Insured-Other Revenue — 2.0%
 
$ 1,855     Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%, 6/1/38   $ 1,711,238      
 
 
            $ 1,711,238      
 
 
 
 
Insured-Special Tax Revenue — 4.4%
 
$ 24,800     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54   $ 1,371,192      
  4,225     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44     470,665      
  8,380     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45     874,621      
  5,270     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46     513,720      
  480     Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28     521,198      
 
 
            $ 3,751,396      
 
 
 
 
Insured-Transportation — 8.6%
 
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29   $ 1,374,750      
  8,000     Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31     2,058,480      
  740     Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)     724,242      

 
See notes to financial statements

12


 

 
Eaton Vance California Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Insured-Transportation (continued)
 
                     
$ 10,000     San Joaquin Hills Transportation Corridor Agency, (NPFG), 0.00%, 1/15/32   $ 1,736,400      
  1,350     San Jose Airport Revenue, (AMBAC), (BHAC), (FSA), (AMT), 6.00%, 3/1/47     1,349,851      
 
 
            $ 7,243,723      
 
 
 
 
Insured-Water and Sewer — 3.7%
 
$ 4,400     Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30   $ 3,110,756      
 
 
            $ 3,110,756      
 
 
 
 
Other Revenue — 2.2%
 
$ 385     California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32   $ 373,099      
  580     California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37     549,666      
  1,420     Golden State Tobacco Securitization Corp., 5.75%, 6/1/47     946,487      
 
 
            $ 1,869,252      
 
 
 
 
Senior Living / Life Care — 0.7%
 
$ 175     California Statewide Communities Development Authority, (Senior Living -Presbyterian Homes), 4.75%, 11/15/26   $ 133,049      
  700     California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36     483,161      
 
 
            $ 616,210      
 
 
 
 
Special Tax Revenue — 17.3%
 
$ 1,000     Bonita Canyon Public Financing Authority, 5.375%, 9/1/28   $ 751,750      
  285     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26     206,856      
  460     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34     301,369      
  1,000     Corona Public Financing Authority, 5.80%, 9/1/20     889,950      
  200     Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27     141,470      
  500     Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36     318,110      
  1,590     Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27     1,599,445      
  900     Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25     792,144      
  420     Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24     355,337      
  750     Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29     601,147      
  2,340     Oakland Joint Powers Financing Authority, 5.40%, 9/2/18     2,395,458      
  960     Oakland Joint Powers Financing Authority, 5.50%, 9/2/24     980,899      
  1,325     San Pablo Redevelopment Agency, 5.65%, 12/1/23     1,332,725      
  1,095     Santa Margarita Water District, 6.20%, 9/1/20     1,100,344      
  250     Santaluz Community Facilities District No. 2, 6.10%, 9/1/21     225,095      
  500     Santaluz Community Facilities District No. 2, 6.20%, 9/1/30     419,565      
  250     Temecula Unified School District, 5.00%, 9/1/27     180,217      
  400     Temecula Unified School District, 5.00%, 9/1/37     258,268      
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     461,900      
  500     Tustin Community Facilities District, 6.00%, 9/1/37     414,180      
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23     878,300      
 
 
            $ 14,604,529      
 
 
 
 
Transportation — 5.3%
 
$ 2,000     Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31(3)   $ 2,005,600      
  1,500     Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30     1,459,170      
  1,170     Port of Redwood City, (AMT), 5.125%, 6/1/30     984,707      
 
 
            $ 4,449,477      
 
 
 
 
Water and Sewer — 5.3%
 
$ 1,840     California Department of Water Resources, 5.00%, 12/1/29   $ 1,922,745      
  2,500     Metropolitan Water District of Southern California, 5.00%, 1/1/34     2,568,925      
 
 
            $ 4,491,670      
 
 
 
Total Tax-Exempt Investments — 177.9%
(identified cost $160,807,471)
  $ 150,260,152      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (59.2)%
  $ (49,976,933 )    
 
 
             
Other Assets, Less Liabilities — (18.7)%
  $ (15,805,786 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 84,477,433      
 
 

 
See notes to financial statements

13


 

 
Eaton Vance California Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
 
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.
 
BHAC - Berkshire Hathaway Assurance Corp.
 
CIFG - CIFG Assurance North America, Inc.
 
FGIC - Financial Guaranty Insurance Company
 
FSA - Financial Security Assurance, Inc.
 
NPFG - National Public Finance Guaranty Corp.
 
RADIAN - Radian Group, Inc.
 
The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2009, 43.1% 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 16.1% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).
 
(3) Security (or a portion thereof) has been pledged as collateral for open swap contracts.

 
See notes to financial statements

14


 

Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 165.4%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 33.8%
 
$ 2,440     Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59   $ 2,382,709      
  600     Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33     577,914      
  1,000     Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38     820,810      
  1,500     Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29     1,455,435      
  1,000     Massachusetts Development Finance Agency, (Xaverian Brothers High School), 5.65%, 7/1/29     863,200      
  1,500     Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32     1,481,580      
  1,250     Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35     1,391,150      
  1,500     Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)     1,550,520      
  1,000     Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38     1,050,680      
 
 
            $ 11,573,998      
 
 
 
 
Electric Utilities — 9.1%
 
$ 1,000     Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30   $ 1,015,510      
  1,870     Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36     1,564,049      
  570     Puerto Rico Electric Power Authority, 5.00%, 7/1/25     532,865      
 
 
            $ 3,112,424      
 
 
 
 
Escrowed / Prerefunded — 6.6%
 
$ 400     Massachusetts Development Finance Agency, (Western New England College), Prerefunded to 12/1/12, 6.125%, 12/1/32   $ 467,268      
  235     Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/31     264,814      
  960     Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30     1,023,178      
  1,000     Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded to 7/1/09, 0.00%, 7/1/20     502,730      
 
 
            $ 2,257,990      
 
 
 
General Obligations — 2.3%
 
$ 750     Newton, 5.00%, 4/1/36   $ 780,105      
 
 
            $ 780,105      
 
 
 
 
Health Care-Miscellaneous — 2.9%
 
$ 510     Massachusetts Development Finance Agency, (MCHSP Human Services), 6.60%, 8/15/29   $ 377,171      
  700     Massachusetts Health and Educational Facilities Authority, (Learning Center for Deaf Children), 6.125%, 7/1/29     532,077      
  100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37     75,590      
 
 
            $ 984,838      
 
 
 
 
Hospital — 22.6%
 
$ 1,000     Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20   $ 1,024,910      
  1,000     Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center), 5.75%, 7/1/33     962,150      
  400     Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31     353,616      
  850     Massachusetts Health and Educational Facilities Authority, (Beth Israel Deaconess Medical Center, Inc.), 5.125%, 7/1/38     746,087      
  105     Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.30%, 8/1/18     104,994      
  1,135     Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37     1,069,329      
  865     Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31     867,344      
  2,000     Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1)     1,970,320      
  675     Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29     634,439      
 
 
            $ 7,733,189      
 
 
 
 
Housing — 14.9%
 
$ 2,100     Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48   $ 1,767,990      
  1,000     Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40     875,670      

 
See notes to financial statements

15


 

 
Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Housing (continued)
 
                     
$ 650     Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28   $ 615,875      
  2,000     Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37     1,853,060      
 
 
            $ 5,112,595      
 
 
 
 
Industrial Development Revenue — 2.0%
 
$ 695     Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15   $ 695,083      
 
 
            $ 695,083      
 
 
 
 
Insured-Education — 12.0%
 
$ 1,000     Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39   $ 1,075,510      
  1,365     Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)     1,488,759      
  1,600     Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33     1,559,376      
 
 
            $ 4,123,645      
 
 
 
 
Insured-General Obligations — 9.3%
 
$ 1,000     Massachusetts, (AMBAC), 5.50%, 8/1/30   $ 1,148,950      
  2,255     Milford, (FSA), 4.25%, 12/15/46     2,029,297      
 
 
            $ 3,178,247      
 
 
 
 
Insured-Other Revenue — 3.7%
 
$ 1,225     Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42   $ 1,251,387      
 
 
            $ 1,251,387      
 
 
 
 
Insured-Special Tax Revenue — 14.7%
 
$ 1,450     Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32   $ 1,455,568      
  1,250     Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37     1,266,712      
  1,000     Massachusetts Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29     1,032,800      
  8,945     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     494,569      
  2,530     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44     281,842      
  3,015     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45     314,676      
  1,905     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46     185,699      
 
 
            $ 5,031,866      
 
 
 
 
Insured-Student Loan — 6.3%
 
$ 600     Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30   $ 607,476      
  1,985     Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33     1,559,158      
 
 
            $ 2,166,634      
 
 
 
 
Insured-Transportation — 5.4%
 
$ 410     Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32   $ 350,001      
  1,820     Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38     1,499,898      
 
 
            $ 1,849,899      
 
 
 
 
Nursing Home — 2.8%
 
$ 500     Boston Industrial Development Authority, (Alzheimer’s Center), (FHA), 6.00%, 2/1/37   $ 500,175      
  565     Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29     475,024      
 
 
            $ 975,199      
 
 
 
 
Senior Living / Life Care — 6.7%
 
$ 250     Massachusetts Development Finance Agency, (Berkshire Retirement), 5.15%, 7/1/31   $ 182,898      
  1,500     Massachusetts Development Finance Agency, (Berkshire Retirement), 5.625%, 7/1/29     1,188,765      
  140     Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27     95,658      
  475     Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41     282,349      
  910     Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/42     554,090      
 
 
            $ 2,303,760      
 
 
 

 
See notes to financial statements

16


 

 
Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Special Tax Revenue — 5.1%
 
$ 1,665     Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31   $ 489,460      
  5,195     Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34     1,254,073      
 
 
            $ 1,743,533      
 
 
 
 
Water and Sewer — 5.2%
 
$ 215     Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27   $ 217,612      
  2,000     Massachusetts Water Resources Authority, 4.00%, 8/1/46     1,566,640      
 
 
            $ 1,784,252      
 
 
     
Total Tax-Exempt Investments — 165.4%
   
(identified cost $60,775,600)
  $ 56,658,644      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (58.5)%
  $ (20,051,912 )    
 
 
             
Other Assets, Less Liabilities — (6.9)%
  $ (2,351,223 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 34,255,509      
 
 
 
ACA - ACA Financial Guaranty Corporation
 
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.
 
FGIC - Financial Guaranty Insurance Company
 
FHA - Federal Housing Administration
 
FSA - Financial Security Assurance, Inc.
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2009, 31.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.1% to 15.3% of total investments.
 
(1) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).

 
See notes to financial statements

17


 

Eaton Vance Michigan Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 166.9%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 11.4%
 
$ 525     Grand Valley State University, 5.625%, 12/1/29   $ 541,348      
  525     Grand Valley State University, 5.75%, 12/1/34     534,917      
  1,250     Michigan Higher Education Facilities Authority, (Creative Studies), 5.90%, 12/1/27     1,406,525      
  540     Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35     483,214      
 
 
            $ 2,966,004      
 
 
 
 
Electric Utilities — 2.9%
 
$ 360     Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29   $ 342,187      
  435     Puerto Rico Electric Power Authority, 5.00%, 7/1/25     406,660      
 
 
            $ 748,847      
 
 
 
 
Escrowed / Prerefunded — 17.5%
 
$ 500     Kent Hospital Finance Authority, (Spectrum Health), Prerefunded to 7/15/11, 5.50%, 1/15/31   $ 549,900      
  560     Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34     656,611      
  750     Michigan Hospital Finance Authority, (Ascension Health Care), Prerefunded to 11/15/09, 6.125%, 11/15/26     776,903      
  750     Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36     838,987      
  600     Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31     677,382      
  1,000     White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31     1,078,630      
 
 
            $ 4,578,413      
 
 
 
 
General Obligations — 15.1%
 
$ 500     East Grand Rapids Public School District, 5.00%, 5/1/25   $ 517,775      
  1,500     Kent County, 5.00%, 1/1/25     1,578,120      
  750     Manistee Area Public Schools, 5.00%, 5/1/24     758,182      
  270     Michigan, 5.50%, 11/1/25     283,900      
  345     Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29     304,376      
  500     Wayne Charter County, 5.70%, 8/1/38     509,610      
 
 
            $ 3,951,963      
 
 
 
                     
Health Care-Miscellaneous — 0.3%
 
$ 100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 75,590      
 
 
            $ 75,590      
 
 
 
 
Hospital — 25.4%
 
$ 500     Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21   $ 463,400      
  185     Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25     152,965      
  125     Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37     94,483      
  275     Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47     285,890      
  500     Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18     436,725      
  1,000     Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27     889,130      
  750     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38     581,468      
  1,000     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46     789,650      
  1,080     Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35     924,318      
  750     Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21     709,132      
  1,000     Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27     1,023,040      
  425     Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26     289,748      
 
 
            $ 6,639,949      
 
 
 
 
Housing — 3.7%
 
$ 1,000     Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48   $ 969,550      
 
 
            $ 969,550      
 
 
 
 
Industrial Development Revenue — 5.8%
 
$ 1,000     Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21   $ 462,880      
  800     Dickinson County Electronic Development Corp., (International Paper Co.), 5.75%, 6/1/16     764,280      
  625     Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26     289,087      
 
 
            $ 1,516,247      
 
 
 

 
See notes to financial statements

18


 

 
Eaton Vance Michigan Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Education — 2.2%
 
$ 570     Ferris State University, (AGC), 5.125%, 10/1/33   $ 575,227      
 
 
            $ 575,227      
 
 
 
 
Insured-Electric Utilities — 7.8%
 
$ 1,000     Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT), 5.55%, 9/1/29   $ 879,450      
  500     Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32     462,495      
  220     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30     212,375      
  500     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34     472,045      
 
 
            $ 2,026,365      
 
 
 
 
Insured-Escrowed / Prerefunded — 12.4%
 
$ 1,000     Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31   $ 1,084,940      
  2,000     Novi Building Authority, (FSA), Prerefunded to 10/1/10, 5.50%, 10/1/25     2,148,480      
 
 
            $ 3,233,420      
 
 
 
 
Insured-General Obligations — 10.9%
 
$ 650     Detroit City School District, (FGIC), 4.75%, 5/1/28   $ 601,003      
  750     Detroit City School District, (FSA), 5.25%, 5/1/32     702,532      
  200     Eaton Rapids Public Schools, (NPFG), 4.75%, 5/1/25     200,158      
  100     Lincoln Consolidated School District, (FSA), 5.00%, 5/1/10     104,078      
  1,250     Van Dyke Public Schools, (FSA), 5.00%, 5/1/38     1,236,750      
 
 
            $ 2,844,521      
 
 
 
 
Insured-Hospital — 7.0%
 
$ 1,000     Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35   $ 859,870      
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical Center), (NPFG), 5.50%, 7/1/24     967,120      
 
 
            $ 1,826,990      
 
 
 
                     
 
Insured-Lease Revenue / Certificates of Participation — 5.3%
 
$ 1,000     Michigan Building Authority, (FGIC), (FSA), 0.00%, 10/15/29   $ 277,000      
  4,300     Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30     1,103,165      
 
 
            $ 1,380,165      
 
 
 
                     
Insured-Special Tax Revenue — 11.6%
 
$ 5,160     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54   $ 285,296      
  2,030     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44     226,142      
  2,430     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45     253,619      
  1,470     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46     143,296      
  2,250     Wayne Charter County, (Airport Hotel-Detroit Metropolitan Airport), (NPFG), 5.00%, 12/1/30     2,122,673      
 
 
            $ 3,031,026      
 
 
 
 
Insured-Student Loan — 6.7%
 
$ 1,000     Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31   $ 823,490      
  1,000     Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25     919,120      
 
 
            $ 1,742,610      
 
 
 
 
Insured-Transportation — 4.2%
 
$ 1,000     Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32   $ 865,400      
  300     Wayne Charter County Airport, (NPFG), (AMT), 5.00%, 12/1/28     245,493      
 
 
            $ 1,110,893      
 
 
 
 
Insured-Water and Sewer — 7.6%
 
$ 1,650     Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30   $ 1,479,390      
  500     Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39     494,700      
 
 
            $ 1,974,090      
 
 
 
 
Lease Revenue / Certificates of Participation — 1.0%
 
$ 250     Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22   $ 250,083      
 
 
            $ 250,083      
 
 
 
 
Other Revenue — 1.3%
 
$ 500     Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48   $ 347,625      
 
 
            $ 347,625      
 
 
 

 
See notes to financial statements

19


 

 
Eaton Vance Michigan Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Transportation — 5.8%
 
$ 1,500     Kent County Airport Facility, 5.00%, 1/1/25(1)   $ 1,517,445      
 
 
            $ 1,517,445      
 
 
 
 
Water and Sewer — 1.0%
 
$ 250     Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(2)   $ 273,218      
 
 
            $ 273,218      
 
 
     
Total Tax-Exempt Investments — 166.9%
   
(identified cost $46,421,911)
  $ 43,580,241      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (67.0)%
  $ (17,500,993 )    
 
 
             
Other Assets, Less Liabilities — 0.1%
  $ 30,589      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 26,109,837      
 
 
 
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.
 
FGIC - Financial Guaranty Insurance Company
 
FSA - Financial Security Assurance, Inc.
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2009, 45.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.1% to 21.0% of total investments.
 
(1) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).
 
(2) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

 
See notes to financial statements

20


 

Eaton Vance New Jersey Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 177.9%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 16.1%
 
$ 250     New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27   $ 220,483      
  250     New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33     203,610      
  220     New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37     181,524      
  3,500     New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(1)     3,449,635      
  1,105     New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27     974,533      
  965     New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32     1,007,759      
  3,150     Rutgers State University, 5.00%, 5/1/39(1)     3,231,700      
 
 
            $ 9,269,244      
 
 
 
 
Electric Utilities — 2.9%
 
$ 270     Puerto Rico Electric Power Authority, 5.00%, 7/1/37   $ 234,522      
  1,500     Salem County Pollution Control Financing, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31     1,426,560      
 
 
            $ 1,661,082      
 
 
 
 
General Obligations — 4.5%
 
$ 1,210     Gloucester County Improvement Authority, (Landfill Project), 4.50%, 3/1/30   $ 1,185,921      
  1,595     Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29     1,407,189      
 
 
            $ 2,593,110      
 
 
 
 
Health Care-Miscellaneous — 0.4%
 
$ 300     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 226,770      
 
 
            $ 226,770      
 
 
 
 
Hospital — 27.2%
 
$ 90     Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35   $ 62,237      
  100     Camden County Improvement Authority, (Cooper Health System), 5.25%, 2/15/27     77,683      
  2,750     Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34     2,081,585      
  2,060     New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27     1,940,561      
  3,000     New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37     2,703,540      
  2,000     New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), 6.00%, 1/1/34     1,989,700      
  1,525     New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31     1,482,666      
  1,750     New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.75%, 7/1/31     1,747,725      
  2,930     New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46     2,513,266      
  1,075     New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33     1,079,838      
 
 
            $ 15,678,801      
 
 
 
 
Housing — 8.2%
 
$ 715     New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37   $ 615,736      
  4,490     New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37     4,115,085      
 
 
            $ 4,730,821      
 
 
 
 
Industrial Development Revenue — 13.3%
 
$ 1,000     Gloucester County Improvements Authority, (Waste Management, Inc.), (AMT), 7.00% to 12/1/09 (Put Date), 12/1/29   $ 1,013,980      
  500     Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32     488,355      
  800     Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34     809,904      
  3,220     New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47     2,315,534      
  750     New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29     592,538      
  750     New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33     756,352      
  2,080     Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22     1,706,016      
 
 
            $ 7,682,679      
 
 
 

 
See notes to financial statements

21


 

 
Eaton Vance New Jersey Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Education — 6.0%
 
$ 3,365     New Jersey Educational Facilities Authority, (College of New Jersey), (FSA), 5.00%, 7/1/35(1)   $ 3,446,332      
 
 
            $ 3,446,332      
 
 
 
 
Insured-Electric Utilities — 2.1%
 
$ 1,250     Vineland, (Electric Utility), (NPFG), (AMT), 5.25%, 5/15/26   $ 1,215,787      
 
 
            $ 1,215,787      
 
 
 
 
Insured-Gas Utilities — 8.4%
 
$ 5,000     New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40   $ 4,857,300      
 
 
            $ 4,857,300      
 
 
 
 
Insured-General Obligations — 5.4%
 
$ 760     Egg Harbor Township School District, (FSA), 3.50%, 4/1/28   $ 643,994      
  1,240     Lakewood Township, (AGC), 5.75%, 11/1/31     1,358,916      
  1,100     Woodbridge Township, (FSA), 4.10%, 2/1/20     1,137,763      
 
 
            $ 3,140,673      
 
 
 
 
Insured-Hospital — 7.8%
 
$ 750     New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(1)   $ 754,598      
  1,905     New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38     1,870,519      
  500     New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38(1)     490,950      
  1,380     New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38     1,377,930      
 
 
            $ 4,493,997      
 
 
 
 
Insured-Housing — 5.5%
 
$ 3,390     New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (FSA), (AMT), 5.05%, 5/1/34   $ 3,162,497      
 
 
            $ 3,162,497      
 
 
 
                     
Insured-Industrial Development Revenue — 1.3%
 
$ 885     New Jersey Economic Development Authority, (New Jersey American Water Co, Inc.), (FGIC), (NPFG), (AMT), 5.25%, 7/1/38   $ 736,240      
 
 
            $ 736,240      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 2.8%
 
$ 1,500     New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34   $ 1,598,775      
 
 
            $ 1,598,775      
 
 
 
 
Insured-Other Revenue — 1.8%
 
$ 1,015     Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39   $ 1,039,533      
 
 
            $ 1,039,533      
 
 
 
 
Insured-Special Tax Revenue — 13.3%
 
$ 6,000     Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/25   $ 2,771,040      
  4,315     New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26     1,621,534      
  2,020     New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27     701,404      
  1,000     Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/23     953,750      
  7,185     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     397,259      
  2,745     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44     305,793      
  5,445     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45     568,295      
  3,425     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46     333,869      
 
 
            $ 7,652,944      
 
 
 
 
Insured-Student Loan — 3.6%
 
$ 2,000     New Jersey Higher Education Assistance Authority, (AGC), 6.125%, 6/1/30   $ 2,067,760      
 
 
            $ 2,067,760      
 
 
 
 
Insured-Transportation — 2.7%
 
$ 5,570     New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31   $ 1,552,415      
 
 
            $ 1,552,415      
 
 
 

 
See notes to financial statements

22


 

 
Eaton Vance New Jersey Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Water and Sewer — 5.0%
 
$ 3,195     New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25(2)   $ 2,906,651      
 
 
            $ 2,906,651      
 
 
 
 
Lease Revenue / Certificates of Participation — 7.0%
 
$ 1,500     New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33(3)   $ 1,500,000      
  2,500     New Jersey Health Care Facilities Financing Authority, (Contract Hospital Asset Transportation Program), 5.25%, 10/1/38     2,516,325      
 
 
            $ 4,016,325      
 
 
 
 
Other Revenue — 9.0%
 
$ 7,200     Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50   $ 230,760      
  13,280     Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55     218,456      
  2,700     New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(1)     2,757,415      
  4,270     Tobacco Settlement Financing Corp., 0.00%, 6/1/41     199,196      
  2,925     Tobacco Settlement Financing Corp., 5.00%, 6/1/41     1,770,766      
 
 
            $ 5,176,593      
 
 
 
 
Senior Living / Life Care — 2.7%
 
$ 465     New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28   $ 395,594      
  770     New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38     626,341      
  815     New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36     528,634      
 
 
            $ 1,550,569      
 
 
 
 
Special Tax Revenue — 1.4%
 
$ 750     New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31   $ 588,082      
  100     New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27     80,426      
  175     New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37     129,670      
 
 
            $ 798,178      
 
 
 
                     
Transportation — 19.5%
 
$ 1,000     New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38   $ 1,077,550      
  815     New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38     885,913      
  2,600     New Jersey Turnpike Authority, 5.25%, 1/1/40     2,646,930      
  2,500     Port Authority of New York and New Jersey, 4.50%, 11/1/33     2,392,725      
  1,070     Port Authority of New York and New Jersey, 5.00%, 9/1/38     1,075,050      
  1,995     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)     2,017,863      
  1,175     South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33     1,178,760      
 
 
            $ 11,274,791      
 
 
     
Total Tax-Exempt Investments — 177.9%
   
(identified cost $109,009,960)
  $ 102,529,867      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (58.0)%
  $ (33,426,095 )    
 
 
             
Other Assets, Less Liabilities — (19.9)%
  $ (11,480,376 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 57,623,396      
 
 
 
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.
 
BHAC - Berkshire Hathaway Assurance Corp.
 
FGIC - Financial Guaranty Insurance Company
 
FSA - Financial Security Assurance, Inc.
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2009, 36.9% 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 1.5% to 10.9% of total investments.
 
(1) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).
 
(2) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
 
(3) When-issued security.

 
See notes to financial statements

23


 

Eaton Vance New York Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 171.2%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Cogeneration — 1.3%
 
$ 1,150     Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23   $ 823,423      
 
 
            $ 823,423      
 
 
 
 
Education — 11.4%
 
$ 315     Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33   $ 315,129      
  975     New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34     995,066      
  1,000     New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1)     1,036,920      
  510     New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34     527,131      
  2,000     New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39     2,054,160      
  2,250     New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33     2,378,947      
 
 
            $ 7,307,353      
 
 
 
 
Electric Utilities — 5.3%
 
$ 1,420     Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33   $ 1,561,446      
  2,100     Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27     1,854,237      
 
 
            $ 3,415,683      
 
 
 
 
Escrowed / Prerefunded — 0.3%
 
$ 200     New York City Industrial Development Agency, (Ohel Children’s Home), Escrowed to Maturity, 6.25%, 8/15/22   $ 205,884      
 
 
            $ 205,884      
 
 
 
 
General Obligations — 12.1%
 
$ 6,000     New York City, 5.25%, 9/15/33(2)   $ 6,058,260      
  1,000     New York City, 6.25%, 10/15/28     1,115,600      
  680     Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29     599,930      
 
 
            $ 7,773,790      
 
 
 
                     
Health Care-Miscellaneous — 6.4%
 
$ 1,115     New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29   $ 824,297      
  1,200     New York City Industrial Development Agency, (Ohel Children’s Home), 6.25%, 8/15/22     863,640      
  200     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37     151,180      
  50     Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class H, 7.50%, 9/1/15     49,446      
  100     Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class I, 7.50%, 9/1/15     98,892      
  2,600     Westchester County Industrial Development Agency, (Children’s Village), 5.375%, 3/15/19     2,132,234      
 
 
            $ 4,119,689      
 
 
 
 
Hospital — 28.1%
 
$ 190     Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.35%, 11/15/17   $ 169,172      
  485     Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.40%, 11/15/29     367,227      
  1,250     Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18     1,053,288      
  2,500     Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25     2,097,000      
  400     Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21     410,156      
  1,500     New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30     1,137,480      
  4,000     New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(2)     3,924,160      
  2,000     New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33     1,490,140      
  845     New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34     775,592      
  1,250     New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37     1,102,275      
  415     New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29     330,020      
  835     New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37     623,695      
  950     New York Dormitory Authority, (St. Lukes Roosevelt Hospital), 4.90%, 8/15/31     894,748      
  1,250     Oneida County Industrial Development Agency, (St. Elizabeth’s Medical Center), 5.75%, 12/1/19     1,021,775      
  650     Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32     544,583      
  2,105     Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22     2,104,874      
 
 
            $ 18,046,185      
 
 
 

 
See notes to financial statements

24


 

 
Eaton Vance New York Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Housing — 18.1%
 
$ 1,500     New York City Housing Development Corp.,
(Multi-Family Housing), (AMT), 5.05%, 11/1/39
  $ 1,386,225      
  2,620     New York City Housing Development Corp.,
(Multi-Family Housing), (AMT), 5.20%, 11/1/40
    2,462,066      
  1,000     New York Housing Finance Agency, 5.25%, 11/1/41     989,200      
  2,625     New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42     2,651,565      
  1,500     New York Mortgage Agency, (AMT), 4.875%, 10/1/30     1,386,540      
  2,000     New York Mortgage Agency, (AMT), 4.90%, 10/1/37     1,778,800      
  1,000     New York Mortgage Agency, (AMT), 5.125%, 10/1/37     936,870      
 
 
            $ 11,591,266      
 
 
 
 
Industrial Development Revenue — 13.9%
 
$ 1,000     Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32   $ 833,540      
  2,525     Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(2)     2,366,098      
  1,500     New York Industrial Development Agency, (American Airlines, Inc. — JFK International Airport), (AMT), 8.00%, 8/1/12     1,462,095      
  1,000     Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), 4.875%, 7/1/41     885,730      
  2,500     Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34     2,323,125      
  775     Onondaga County Industrial Development Agency, (Senior Air Cargo), (AMT), 6.125%, 1/1/32     571,818      
  495     Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15     495,446      
 
 
            $ 8,937,852      
 
 
 
 
Insured-Education — 6.3%
 
$ 1,250     New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35   $ 1,134,500      
  1,500     New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38     1,516,320      
  5,460     Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33     1,357,520      
 
 
            $ 4,008,340      
 
 
 
                     
Insured-Electric Utilities — 2.3%
 
$ 1,365     Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33   $ 1,502,769      
 
 
            $ 1,502,769      
 
 
 
 
Insured-General Obligations — 1.5%
 
$ 910     New Rochelle City School District, (AGC), 4.00%, 11/15/21   $ 935,799      
 
 
            $ 935,799      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 4.5%
 
$ 3,600     Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47   $ 2,914,524      
 
 
            $ 2,914,524      
 
 
 
 
Insured-Other Revenue — 2.6%
 
$ 2,645     New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31   $ 724,756      
  3,625     New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32     931,770      
 
 
            $ 1,656,526      
 
 
 
 
Insured-Special Tax Revenue — 7.8%
 
$ 1,000     New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45   $ 835,040      
  1,000     New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44     891,280      
  4,500     Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34     686,565      
  19,745     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     1,091,701      
  3,380     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44     376,532      
  6,705     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45     699,801      
  4,225     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46     411,853      
 
 
            $ 4,992,772      
 
 
 
 
Insured-Transportation — 9.0%
 
$ 6,235     Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29   $ 5,761,514      
 
 
            $ 5,761,514      
 
 
 

 
See notes to financial statements

25


 

 
Eaton Vance New York Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Water and Sewer — 1.3%
 
$ 1,000     Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35   $ 849,400      
 
 
            $ 849,400      
 
 
 
 
Lease Revenue / Certificates of Participation — 5.0%
 
$ 2,500     New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38   $ 2,170,550      
  1,000     New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31     1,029,570      
 
 
            $ 3,200,120      
 
 
 
 
Other Revenue — 1.5%
 
$ 1,285     Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26   $ 990,298      
 
 
            $ 990,298      
 
 
 
 
Senior Living / Life Care — 2.9%
 
$ 1,450     Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29   $ 1,128,970      
  900     Suffolk County Industrial Development Agency, (Jefferson’s Ferry Project), 5.00%, 11/1/28     696,123      
 
 
            $ 1,825,093      
 
 
 
 
Special Tax Revenue — 1.6%
 
$ 1,000     New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38   $ 1,024,550      
 
 
            $ 1,024,550      
 
 
 
 
Transportation — 17.3%
 
$ 1,700     Metropolitan Transportation Authority, 4.50%, 11/15/37   $ 1,472,183      
  3,200     Metropolitan Transportation Authority, 4.50%, 11/15/38     2,786,048      
  1,900     Port Authority of New York and New Jersey, 5.00%, 11/15/37(2)     1,924,814      
  1,190     Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33     1,058,648      
  990     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2)     1,001,345      
  2,750     Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34     2,836,818      
 
 
            $ 11,079,856      
 
 
 
                     
Water and Sewer — 10.7%
 
$ 3,105     New York City Municipal Water Finance Authority, 5.75%, 6/15/40   $ 3,336,975      
  2,535     New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37(2)     2,584,838      
  5     New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37     5,098      
  1,000     Saratoga County Water Authority, 5.00%, 9/1/48     959,650      
 
 
            $ 6,886,561      
 
 
     
Total Tax-Exempt Investments — 171.2%
   
(identified cost $118,524,977)
  $ 109,849,247      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (52.6)%
  $ (33,726,431 )    
 
 
             
Other Assets, Less Liabilities — (18.6)%
  $ (11,940,830 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 64,181,986      
 
 
 
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.
 
BHAC - Berkshire Hathaway Assurance Corp.
 
FNMA - Federal National Mortgage Association
 
NPFG - National Public Finance Guaranty Corp.
 
The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2009, 20.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.4% to 10.5% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).

 
See notes to financial statements

26


 

Eaton Vance Ohio Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 163.1%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Cogeneration — 1.4%
 
$ 385     Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 5.875%, 9/1/20   $ 310,830      
  200     Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 6.625%, 9/1/20     172,160      
 
 
            $ 482,990      
 
 
 
 
Electric Utilities — 1.0%
 
$ 360     Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14   $ 350,939      
 
 
            $ 350,939      
 
 
 
 
Escrowed / Prerefunded — 8.0%
 
$ 1,000     Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25   $ 1,088,940      
  1,000     Hamilton City School District, Prerefunded to 12/1/09, 5.625%, 12/1/24     1,036,500      
  670     Richland County Hospital Facilities, (Medcentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22     729,121      
 
 
            $ 2,854,561      
 
 
 
 
General Obligations — 7.4%
 
$ 1,000     Barberton City School District, 4.50%, 12/1/33   $ 944,650      
  1,090     Central Ohio Solid Waste Authority, 5.125%, 9/1/27     1,146,930      
  500     Columbus, 5.00%, 7/1/23(1)     531,435      
 
 
            $ 2,623,015      
 
 
 
 
Health Care-Miscellaneous — 0.2%
 
$ 100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 75,590      
 
 
            $ 75,590      
 
 
 
 
Hospital — 10.8%
 
$ 600     Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.25%, 8/15/46   $ 457,992      
  1,500     Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.625%, 8/15/32     1,280,055      
  500     Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26     420,015      
  750     Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/36     591,915      
  1,000     Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46     758,780      
  330     Richland County Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/22     336,854      
 
 
            $ 3,845,611      
 
 
 
 
Housing — 13.2%
 
$ 1,000     Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.625%, 9/1/27   $ 903,120      
  1,000     Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.75%, 3/1/37     869,530      
  600     Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 5.00%, 9/1/31     559,524      
  2,500     Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48     2,362,575      
 
 
            $ 4,694,749      
 
 
 
 
Industrial Development Revenue — 12.5%
 
$ 1,385     Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27   $ 936,080      
  1,300     Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%, 2/1/18     1,309,321      
  2,250     Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38     1,991,722      
  225     Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15     214,466      
 
 
            $ 4,451,589      
 
 
 
 
Insured-Education — 7.3%
 
$ 730     Miami University, (AMBAC), 3.25%, 9/1/26   $ 570,371      
  1,500     University of Akron, Series A, (FSA), 5.00%, 1/1/38     1,505,130      
  500     University of Akron, Series B, (FSA), 5.00%, 1/1/38     501,710      
 
 
            $ 2,577,211      
 
 
 
 
Insured-Electric Utilities — 17.0%
 
$ 1,000     American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39   $ 1,036,720      
  710     Cleveland Public Power System, (NPFG), 0.00%, 11/15/27     268,132      
  2,000     Cleveland Public Power System, (NPFG), 0.00%, 11/15/38     372,800      

 
See notes to financial statements

27


 

 
Eaton Vance Ohio Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Insured-Electric Utilities (continued)
 
                     
$ 830     Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25   $ 337,005      
  3,000     Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26     1,129,800      
  2,225     Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34     1,960,714      
  210     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30     202,721      
  250     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34     236,023      
  500     Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26     491,675      
 
 
            $ 6,035,590      
 
 
 
 
Insured-Escrowed / Prerefunded — 5.3%
 
$ 245     Cuyahoga County Hospital, (Cleveland Clinic), (NPFG), Escrowed to Maturity, 5.125%, 1/1/29   $ 248,199      
  1,000     Ohio Higher Educational Facilities, (University of Dayton), (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30     1,075,010      
  500     University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24     546,515      
 
 
            $ 1,869,724      
 
 
 
 
Insured-General Obligations — 16.9%
 
$ 280     Bowling Green City School District, (FSA), 5.00%, 12/1/34   $ 280,549      
  200     Brookfield Local School District, (FSA), 5.00%, 1/15/30     204,632      
  500     Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36     501,875      
  2,455     Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30     722,236      
  1,500     Madeira City School District, (FSA), 3.50%, 12/1/27     1,264,260      
  1,750     Milford Exempt Village School District, (AGC), 5.25%, 12/1/36     1,796,095      
  500     Olmsted Falls City School District, (XLCA), 5.00%, 12/1/35     482,910      
  750     St. Mary’s School District, (FSA), 5.00%, 12/1/35     742,388      
 
 
            $ 5,994,945      
 
 
 
 
Insured-Hospital — 8.9%
 
$ 255     Cuyahoga County, (Cleveland Clinic), (NPFG), 5.125%, 1/1/29   $ 255,054      
  980     Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32     917,731      
  1,500     Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28     1,460,055      
  485     Lorain County, (Catholic Healthcare Partners), (FSA), Variable Rate, 17.408%, 2/1/29(2)(3)(4)     507,261      
 
 
            $ 3,140,101      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 1.3%
 
$ 500     Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33   $ 471,700      
 
 
            $ 471,700      
 
 
 
 
Insured-Special Tax Revenue — 4.7%
 
$ 405     Hamilton County, Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32   $ 393,814      
  9,905     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     547,647      
  1,690     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44     188,266      
  3,350     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45     349,640      
  2,100     Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46     204,708      
 
 
            $ 1,684,075      
 
 
 
 
Insured-Transportation — 7.6%
 
$ 385     Cleveland Airport System, (FSA), 5.00%, 1/1/31   $ 385,100      
  1,000     Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24     1,166,740      
  1,000     Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26     1,158,850      
 
 
            $ 2,710,690      
 
 
 
 
Insured-Water and Sewer — 2.6%
 
$ 270     Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46   $ 239,857      
  750     Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47     665,273      
 
 
            $ 905,130      
 
 
 

 
See notes to financial statements

28


 

 
Eaton Vance Ohio Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Lease Revenue / Certificates of Participation — 7.3%
 
$ 500     Franklin County Convention Facilities Authority, 5.00%, 12/1/27   $ 526,170      
  1,000     Mahoning County, (Career and Technical Center), 6.25%, 12/1/36     1,005,730      
  1,155     Union County, (Pleasant Valley Joint Fire District), 6.125%, 12/1/19     1,049,918      
 
 
            $ 2,581,818      
 
 
 
 
Other Revenue — 11.6%
 
$ 7,345     Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47   $ 182,670      
  710     Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47     463,836      
  2,530     Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32     2,657,841      
  1,000     Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27     818,220      
 
 
            $ 4,122,567      
 
 
 
 
Pooled Loans — 12.5%
 
$ 550     Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25   $ 538,021      
  1,020     Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22     1,035,014      
  1,245     Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(5)     1,263,758      
  310     Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25     224,440      
  750     Toledo-Lucas County Port Authority, 4.80%, 11/15/35     458,243      
  1,100     Toledo-Lucas County Port Authority, 5.40%, 5/15/19     924,495      
 
 
            $ 4,443,971      
 
 
 
 
Special Tax Revenue — 5.6%
 
$ 560     Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18   $ 542,494      
  1,385     Cuyahoga County Economic Development, (Shaker Square), 6.75%, 12/1/30     1,436,231      
 
 
            $ 1,978,725      
 
 
 
Total Tax-Exempt Investments — 163.1%
   
(identified cost $60,501,547)
  $ 57,895,291      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (64.0)%
  $ (22,726,757 )    
 
 
             
Other Assets, Less Liabilities — 0.9%
  $ 334,658      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 35,503,192      
 
 
 
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.
 
FGIC - Financial Guaranty Insurance Company
 
FSA - Financial Security Assurance, Inc.
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2009, 43.9% 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 2.4% to 16.8% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2009, the aggregate value of these securities is $507,261 or 1.4% of the Trust’s net assets applicable to common shares.
 
(3) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2009.
 
(4) Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.
 
(5) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).

 
See notes to financial statements

29


 

Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 172.4%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Bond Bank — 3.2%
 
$ 1,000     Delaware Valley Regional Finance Authority, 5.75%, 7/1/32   $ 1,084,700      
 
 
            $ 1,084,700      
 
 
 
 
Cogeneration — 4.3%
 
$ 160     Carbon County Industrial Development Authority, (Panther Creek Partners), (AMT), 6.65%, 5/1/10   $ 160,760      
  500     Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13     408,835      
  500     Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19     377,390      
  625     Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15     509,944      
 
 
            $ 1,456,929      
 
 
 
 
Education — 1.5%
 
$ 500     Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39   $ 502,325      
 
 
            $ 502,325      
 
 
 
 
Electric Utilities — 3.3%
 
$ 600     Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36   $ 570,810      
  600     York County Industrial Development Authority, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20     547,416      
 
 
            $ 1,118,226      
 
 
 
 
Escrowed / Prerefunded — 4.0%
 
$ 600     Allegheny County Industrial Development Authority, (Residential Resources, Inc.), Prerefunded to 9/1/11, 6.50%, 9/1/21   $ 671,472      
  600     Bucks County Industrial Development Authority, (Pennswood), Prerefunded to 10/1/12, 6.00%, 10/1/27     692,346      
 
 
            $ 1,363,818      
 
 
 
                     
General Obligations — 7.6%
 
$ 500     Chester County, 5.00%, 7/15/27(1)   $ 540,845      
  1,000     Daniel Boone Area School District, 5.00%, 8/15/32     1,010,220      
  1,000     Philadelphia School District, 6.00%, 9/1/38     1,061,110      
 
 
            $ 2,612,175      
 
 
 
 
Health Care-Miscellaneous — 0.2%
 
$ 100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 75,590      
 
 
            $ 75,590      
 
 
 
 
Hospital — 15.7%
 
$ 500     Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34(2)   $ 495,245      
  1,250     Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32     1,122,087      
  1,500     Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43     1,294,005      
  1,000     Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(3)     1,089,970      
  850     Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31     870,417      
  500     Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17     512,190      
 
 
            $ 5,383,914      
 
 
 
 
Housing — 15.8%
 
$ 515     Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 4.95%, 11/1/37   $ 462,660      
  1,170     Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 5.00%, 5/1/35     1,130,384      
  985     Pennsylvania Housing Finance Agency, (AMT), 4.70%, 10/1/37     844,559      
  1,200     Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26     1,135,512      
  1,000     Pennsylvania Housing Finance Agency, (AMT), 4.90%, 10/1/37     908,960      
  1,000     Pennsylvania Housing Finance Agency, (AMT), 5.15%, 10/1/37     933,680      
 
 
            $ 5,415,755      
 
 
 
 
Industrial Development Revenue — 10.3%
 
$ 750     Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42   $ 638,363      
  500     New Morgan Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19     500,000      

 
See notes to financial statements

30


 

 
Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Industrial Development Revenue (continued)
 
                     
$ 250     Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39   $ 262,170      
  1,000     Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31     953,690      
  500     Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27     438,955      
  1,550     Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26     716,937      
 
 
            $ 3,510,115      
 
 
 
 
Insured-Education — 23.5%
 
$ 500     Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37   $ 509,065      
  1,900     Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32     1,624,861      
  1,115     Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37     1,098,453      
  2,000     Pennsylvania Higher Educational Facilities Authority, (State System Higher Education), (FSA), 5.00%, 6/15/24     2,000,680      
  1,000     Pennsylvania Higher Educational Facilities Authority, (Temple University), (NPFG), 5.00%, 4/1/33     993,050      
  500     State Public School Building Authority, (Delaware County Community College), (FSA), 5.00%, 10/1/27     523,610      
  375     State Public School Building Authority, (Delaware County Community College), (FSA), 5.00%, 10/1/29     386,869      
  875     State Public School Building Authority, (De