Eaton Vance Ohio Muni 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
November 30, 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 Privacy 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 applies only 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(s) (if applicable) will file a schedule of 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 at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
 
 
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.


 

Eaton Vance Municipal Income Trusts as of November 30, 2009
         
    2  
 
       
       
 
       
California Municipal Income Trust
    4  
Massachusetts Municipal Income Trust
    5  
Michigan Municipal Income Trust
    6  
New Jersey Municipal Income Trust
    7  
New York Municipal Income Trust
    8  
Ohio Municipal Income Trust
    9  
Pennsylvania Municipal Income Trust
    10  
 
       
Financial Statements
    11  
 
       
Federal Tax Information
    62  
 
       
Dividend Reinvestment Plan
    63  
 
       
Board of Trustees’ Annual Approval of the Investment Advisory Agreements
    65  
 
       
Management and Organization
    68  

1


 

Eaton Vance Municipal Income Trusts as of November 30, 2009
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
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
For the year ending November 30, 2009, the U.S. economy and the capital markets continued to show improvement from the market upheaval that occurred in the fall of 2008 and continued through the first quarter of 2009. After contracting in the last calendar quarter of 2008 and the first two quarters of 2009—declining at annualized rates of 5.4%, 6.4% and 0.7%, respectively—the U.S. economy grew at an annualized rate of 2.2% in the third quarter of 2009, according to the U.S. Department of Commerce.
During the Trusts’ fiscal year, the municipal bond market witnessed a significant rebound as 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 provisions in the American Recovery and Reinvestment Act of 2009 aimed at supporting the municipal market. The new Build America Bond program gave municipal issuers broader access to the taxable debt markets, providing the potential for lower net borrowing costs and reducing the supply of traditional tax-exempt bonds. The federal stimulus program also provided direct cash subsidies to municipalities that were facing record budget deficits. The result of these events was a dramatic rally for the sector as yields fell and prices rose across the yield curve.
During the year ending November 30, 2009, municipals continued the rally that had begun in mid-December 2008, posting strong returns for the period. The Trusts’ benchmark, the Barclays Capital Municipal Bond Index (the Index)—a broad-based, unmanaged index of municipal bonds—gained 14.17% for the period.1
Management Discussion
During the year ending November 30, 2009, the Trusts outperformed the Index and their Lipper peer group averages by significant margins. Due to their objective of providing tax-exempt income and the historical upward slope of the municipal yield curve, the Trusts generally hold longer-maturity bonds relative to the broad market than many of our competitors do. Given the significant price movement at the longer end of the municipal yield curve, management’s bias toward longer maturities was the basis for much of the Trusts’ outperformance during the period. Investing across the credit spectrum and making higher allocations to revenue bonds also contributed positively to relative performance.
The Trusts generally invest 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 2009, thus providing the basis for much of the Trusts’ outperformance during this fiscal year.
Management employed leverage in the Trusts, through which additional exposure to the municipal market was achieved. Leverage has the impact of magnifying a Trust’s exposure to its leveraged investments in both up and down markets.
As we move ahead, we recognize that many state and local governments 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 and local officials formulate solutions to address these fiscal problems. As in all environments, 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 the Trusts with the same income-focused, relative value approach we have always employed. We believe that this approach, which is based on credit research and decades of experience in the municipal market, has served municipal investors well over the long term.
 
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 November 30, 2009
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
A Note Regarding The Use Of Leverage
The Trusts may employ leverage through the issuance of Auction Preferred Shares (APS) and the use of residual interest bond (RIB) financing.1 Each Trust’s APS and RIB percentage leverage as of November 30, 2009, as applicable, is reflected on the Trust-specific pages following this letter. The leverage created by APS and RIB 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 market 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 RIB 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 November 30, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   CEV
 
Average Annual Total Returns (by market price)
One Year
    43.19 %
Five Years
    1.32  
Ten Years
    6.90  
Life of Trust (1/29/99)
    4.10  
 
       
Average Annual Total Returns (by net asset value)
One Year
    34.24 %
Five Years
    1.71  
Ten Years
    6.86  
Life of Trust (1/29/99)
    4.23  
 
       
Premium/(Discount) to NAV (11/30/09)
    -1.31 %
 
       
Market Yields
       
 
Market Yield2
    7.12 %
Taxable-Equivalent Market Yield3
    12.25  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
One Year
    14.17 %     22.43 %
Five Years
    4.50       3.98  
Ten Years
    5.64       5.98  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper California Municipal Debt Funds Classification (by net asset value)        
 
One Year
    24.58 %
Five Years
    3.14  
Ten Years
    5.78  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market 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 11/30/09 is as follows, and the average rating is AA-:
         
AAA
    27.7%  
AA
    20.9%  
A
    32.5%  
BBB
    11.4%  
Not Rated
    7.5%  
Trust Statistics7
         
Number of Issues:
    102  
Average Maturity:
    21.9  years
Average Effective Maturity:
    15.1  years
Average Call Protection:
    7.5  years
Average Dollar Price:
  $ 87.61  
APS Leverage**:
    31.7 %
RIB Leverage**:
    12.0 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 41.86% 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 and 14 funds for the 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 November 30, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   MMV
 
Average Annual Total Returns (by market price)
One Year
    58.91 %
Five Years
    0.62  
Ten Years
    7.58  
Life of Trust (1/29/99)
    4.71  
 
       
Average Annual Total Returns (by net asset value)
One Year
    43.29 %
Five Years
    3.32  
Ten Years
    7.81  
Life of Trust (1/29/99)
    4.95  
 
       
Premium/(Discount) to NAV (11/30/09)
    -2.43 %
 
       
Market Yields
       
 
       
Market Yield2
    6.83 %
Taxable-Equivalent Market Yield3
    11.10  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
One Year
    14.17 %     22.43 %
Five Years
    4.50       3.98  
Ten Years
    5.64       5.98  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Other States Municipal Debt Funds Classification (by net asset value)        
 
One Year
    25.98 %
Five Years
    4.20  
Ten Years
    6.20  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market 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 11/30/09 is as follows, and the average rating is A+:
         
AAA
    10.2%  
AA
    37.8%  
A
    34.2%  
BBB
    10.5%  
BB
    1.2%  
Not Rated
    6.1%  
Trust Statistics7
         
Number of Issues:
    62  
Average Maturity:
    26.7  years
Average Effective Maturity:
    18.7  years
Average Call Protection:
    9.9  years
Average Dollar Price:
  $ 95.03  
APS Leverage**:
    32.9 %
RIB Leverage**:
    6.4 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 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 and 20 funds for the 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 November 30, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   EMI
 
Average Annual Total Returns (by market price)
One Year
    56.49 %
Five Years
    -1.67  
Ten Years
    6.82  
Life of Trust (1/29/99)
    3.54  
 
       
Average Annual Total Returns (by net asset value)
One Year
    28.08 %
Five Years
    2.88  
Ten Years
    7.14  
Life of Trust (1/29/99)
    4.64  
 
       
Premium/(Discount) to NAV (11/30/09)
    -10.90 %
 
       
Market Yields
       
 
       
Market Yield2
    7.45 %
Taxable-Equivalent Market Yield3
    11.98  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
One Year
    14.17 %     22.43 %
Five Years
    4.50       3.98  
Ten Years
    5.64       5.98  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Michigan Municipal Debt Funds Classification (by net asset value)        
 
One Year
    22.07 %
Five Years
    3.62  
Ten Years
    6.44  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market 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 Distribution6
By total investments
(PIE CHART)
Trust Statistics7
         
Number of Issues:
    70  
Average Maturity:
    21.5  years
Average Effective Maturity:
    12.9  years
Average Rating:
    AA-
Average Call Protection:
    5.6  years
Average Dollar Price:
  $ 94.97  
APS Leverage*:
    39.0 %
 
*   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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/or RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 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 and 3 funds for the 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 November 30, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   EVJ
 
Average Annual Total Returns (by market price)
       
One Year
    77.84 %
Five Years
    3.65  
Ten Years
    9.05  
Life of Trust (1/29/99)
    5.53  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    55.43 %
Five Years
    3.95  
Ten Years
    7.87  
Life of Trust (1/29/99)
    5.20  
 
       
Premium/(Discount) to NAV (11/30/09)
    3.46 %
 
       
Market Yields
       
 
       
Market Yield2
    6.75 %
Taxable-Equivalent Market Yield3
    11.64  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
One Year
    14.17 %     22.43 %
Five Years
    4.50       3.98  
Ten Years
    5.64       5.98  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper New Jersey Municipal Debt Funds Classification (by net asset value)        
 
One Year
    29.80 %
Five Years
    3.99  
Ten Years
    6.18  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market 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 11/30/09 is as follows, and the average rating is A+:
         
AAA
    22.2%  
AA
    27.1%  
A
    27.9%  
BBB
    20.4%  
BB
    0.2%  
B
    1.2%  
Not Rated
    1.0%  
Trust Statistics7
         
Number of Issues:
    80  
Average Maturity:
    25.0  years
Average Effective Maturity:
    16.1  years
Average Call Protection:
    8.4  years
Average Dollar Price:
  $ 92.15  
APS Leverage**:
    30.7 %
RIB Leverage**:
    11.6 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 41.99% 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 and 6 funds for the 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 November 30, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   EVY
 
Average Annual Total Returns (by market price)
       
One Year
    80.12 %
Five Years
    2.89  
Ten Years
    8.52  
Life of Trust (1/29/99)
    5.02  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    49.00 %
Five Years
    2.29  
Ten Years
    7.35  
Life of Trust (1/29/99)
    4.81  
 
       
Premium/(Discount) to NAV (11/30/09)
    2.14 %
 
       
Market Yields
       
 
       
Market Yield2
    6.67 %
Taxable-Equivalent Market Yield3
    11.27  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
One Year
    14.17 %     22.43 %
Five Years
    4.50       3.98  
Ten Years
    5.64       5.98  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper New York Municipal Debt Funds Classification (by net asset value)        
 
One Year
    25.86 %
Five Years
    3.46  
Ten Years
    6.15  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market 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 11/30/09 is as follows, and the average rating is A:
         
AAA
    13.1%  
AA
    32.4%  
A
    25.5%  
BBB
    13.5%  
BB
    4.7%  
B
    2.0%  
CCC
    1.0%  
Not Rated
    7.8%  
Trust Statistics7
         
Number of Issues:
    86  
Average Maturity:
    24.0  years
Average Effective Maturity:
    16.8  years
Average Call Protection:
    8.7  years
Average Dollar Price:
  $ 92.44  
APS Leverage**:
    27.9 %
RIB Leverage**:
    14.3 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 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 York Municipal Debt Funds Classification (closed-end) contained 17, 17 and 8 funds for the 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 November 30, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   EVO
 
Average Annual Total Returns (by market price)
       
One Year
    68.25 %
Five Years
    1.09  
Ten Years
    7.99  
Life of Trust (1/29/99)
    4.91  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    38.58 %
Five Years
    3.43  
Ten Years
    7.44  
Life of Trust (1/29/99)
    4.97  
 
       
Premium/(Discount) to NAV (11/30/09)
    -0.67 %
 
       
Market Yields
       
 
       
Market Yield2
    6.63 %
Taxable-Equivalent Market Yield3
    10.84  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
One Year
    14.17 %     22.43 %
Five Years
    4.50       3.98  
Ten Years
    5.64       5.98  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Other States Municipal Debt Funds Classification (by net asset value)        
 
One Year
    25.98 %
Five Years
    4.20  
Ten Years
    6.20  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market 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 11/30/09 is as follows, and the average rating is AA-:
         
AAA
    30.6%  
AA
    33.4%  
A
    18.5%  
BBB
    8.5%  
B
    1.8%  
Not Rated
    7.2%  
Trust Statistics7
         
Number of Issues:
    77  
Average Maturity:
    22.7  years
Average Effective Maturity:
    15.1  years
Average Call Protection:
    7.5  years
Average Dollar Price:
  $ 93.95  
APS Leverage**:
    35.9 %
RIB Leverage**:
    3.6 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding at 11/30/09 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 RIBs purchased in secondary market transactions.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 38.85% 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 and 20 funds for the 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 November 30, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   EVP
 
Average Annual Total Returns (by market price)
       
One Year
    45.88 %
Five Years
    2.22  
Ten Years
    8.25  
Life of Trust (1/29/99)
    4.71  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    39.16 %
Five Years
    3.62  
Ten Years
    7.48  
Life of Trust (1/29/99)
    4.96  
 
       
Premium/(Discount) to NAV (11/30/09)
    -2.48 %
 
       
Market Yields
       
 
       
Market Yield2
    6.64 %
Taxable-Equivalent Market Yield3
    10.54  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
One Year
    14.17 %     22.43 %
Five Years
    4.50       3.98  
Ten Years
    5.64       5.98  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value)        
 
One Year
    29.26 %
Five Years
    3.49  
Ten Years
    6.00  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market 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 11/30/09 is as follows, and the average rating is A+:
         
AAA
    16.3%  
AA
    35.0%  
A
    31.3%  
BBB
    5.8%  
BB
    0.8%  
CCC
    1.8%  
CC
    1.2%  
Not Rated
    7.8%  
Trust Statistics7
         
Number of Issues:
    80  
Average Maturity:
    22.2  years
Average Effective Maturity:
    16.5  years
Average Call Protection:
    7.8  years
Average Dollar Price:
  $ 96.00  
APS Leverage**:
    35.4 %
RIB Leverage**:
    4.0 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding at 11/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 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 and 5 funds for the 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 November 30, 2009
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 175.9%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 16.0%
 
$ 2,000     California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39   $ 2,011,520      
  2,770     California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29     2,569,119      
  500     California Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29     503,800      
  1,105     California Educational Facilities Authority, (Pomona College), 5.00%, 7/1/45     1,122,437      
  1,350     California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23     1,454,544      
  4,000     California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1)     4,007,080      
  2,500     San Diego County, (University of San Diego), 5.375%, 10/1/41     2,500,075      
 
 
            $ 14,168,575      
 
 
 
 
Electric Utilities — 4.3%
 
$ 270     Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34   $ 291,727      
  2,275     Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27     2,153,515      
  1,300     Vernon, Electric System Revenue, 5.125%, 8/1/21     1,357,148      
 
 
            $ 3,802,390      
 
 
 
 
General Obligations — 11.6%
 
$ 750     California, 6.00%, 4/1/38   $ 765,503      
  1,590     California, (AMT), 5.05%, 12/1/36     1,389,262      
  4,770     San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2)     4,817,056      
  3,180     Santa Clara County, (Election of 2008), 5.00%, 8/1/39(2)(3)     3,281,951      
 
 
            $ 10,253,772      
 
 
 
 
Health Care-Miscellaneous — 0.3%
 
$ 300     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 271,554      
 
 
            $ 271,554      
 
 
 
 
Hospital — 30.4%
 
$ 1,000     California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32   $ 1,009,710      
  2,310     California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39     2,085,630      
  1,500     California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38     1,668,060      
  3,480     California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(2)     3,283,589      
  750     California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31     759,367      
  3,000     California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35     2,795,190      
  1,150     California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34     1,077,136      
  1,750     California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36     1,637,405      
  1,565     California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32     1,562,903      
  1,750     California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29     1,751,785      
  1,500     California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28     1,511,850      
  1,200     Duarte, (Hope National Medical Center), 5.25%, 4/1/24     1,200,672      
  410     Tahoe Forest Hospital District, 5.85%, 7/1/22     410,037      
  1,900     Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31     1,912,331      
  1,250     Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34     1,000,962      
  1,000     Washington Health Care Facilities Authority, (Providence Health Care), 5.25%, 7/1/29     916,370      
  2,780     Washington Township Health Care District, 5.00%, 7/1/32     2,419,851      
 
 
            $ 27,002,848      
 
 
 
 
Housing — 2.7%
 
$ 1,750     California Housing Finance Agency, (AMT), 4.75%, 8/1/42   $ 1,390,147      
  715     Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29     633,278      
  418     Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29     366,185      
 
 
            $ 2,389,610      
 
 
 
 
Industrial Development Revenue — 4.0%
 
$ 800     California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27   $ 800,600      
  1,235     California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23     1,171,879      
  2,000     California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46     1,599,460      
 
 
            $ 3,571,939      
 
 
 

 
See notes to financial statements

11


 

 
Eaton Vance California Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Education — 7.7%
 
$ 495     California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35   $ 477,551      
  3,270     California Educational Facilities Authority, (Pooled College and University), (NPFG), 5.10%, 4/1/23     3,316,009      
  3,000     California State University, (AMBAC), 5.00%, 11/1/33     3,004,710      
 
 
            $ 6,798,270      
 
 
 
 
Insured-Electric Utilities — 10.2%
 
$ 2,500     California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16   $ 2,592,300      
  3,250     California Pollution Control Financing Authority, (Southern California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31     3,169,563      
  3,360     Los Angeles Department of Water and Power, (FSA), 4.625%, 7/1/37     3,262,963      
 
 
            $ 9,024,826      
 
 
 
 
Insured-Escrowed / Prerefunded — 2.9%
 
$ 5,130     Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (FSA), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26   $ 2,595,780      
 
 
            $ 2,595,780      
 
 
 
 
Insured-General Obligations — 6.1%
 
$ 7,000     Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/34(3)   $ 1,362,270      
  4,825     Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/35     872,842      
  7,995     Sweetwater Union High School District, (Election of 2000), (FSA), 0.00%, 8/1/25     3,207,754      
 
 
            $ 5,442,866      
 
 
 
 
Insured-Hospital — 17.1%
 
$ 3,100     California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37   $ 3,076,936      
  2,900     California Statewide Communities Development Authority, (Children’s Hospital Los Angeles), (NPFG), 5.25%, 8/15/29     2,653,413      
  750     California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(2)     739,440      
  5,000     California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2)     4,954,550      
  3,735     California Statewide Communities Development Authority, (Sutter Health), (FSA), 5.75%, 8/15/27(2)     3,780,368      
 
 
            $ 15,204,707      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 11.3%
 
$ 6,130     Anaheim Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/17   $ 4,279,292      
  2,000     Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27     2,361,940      
  3,500     San Diego County Water Authority, (FSA), 5.00%, 5/1/38(2)     3,396,540      
 
 
            $ 10,037,772      
 
 
 
 
Insured-Other Revenue — 1.8%
 
$ 1,770     Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%, 6/1/38   $ 1,569,229      
 
 
            $ 1,569,229      
 
 
 
 
Insured-Special Tax Revenue — 4.7%
 
$ 24,800     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54   $ 1,511,808      
  4,225     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     535,434      
  8,380     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     994,287      
  5,270     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     582,177      
  480     Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28     534,255      
 
 
            $ 4,157,961      
 
 
 
 
Insured-Transportation — 9.4%
 
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29   $ 1,306,900      
  8,000     Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31     1,845,840      
  740     Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)     766,200      
  10,000     San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/32     1,755,600      
  1,320     San Jose Airport, (AMBAC), (BHAC), (FSA), (AMT), 5.00%, 3/1/37     1,277,918      
  1,350     San Jose Airport, (AMBAC), (BHAC), (FSA), (AMT), 6.00%, 3/1/47     1,417,433      
 
 
            $ 8,369,891      
 
 
 

 
See notes to financial statements

12


 

 
Eaton Vance California Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Water and Sewer — 3.8%
 
$ 4,400     Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30   $ 3,373,744      
 
 
            $ 3,373,744      
 
 
 
 
Other Revenue — 2.2%
 
$ 385     California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32   $ 367,779      
  580     California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37     531,854      
  980     Golden State Tobacco Securitization Corp., 0.00%, 6/1/37     594,096      
  640     Golden State Tobacco Securitization Corp., 5.75%, 6/1/47     462,643      
 
 
            $ 1,956,372      
 
 
 
 
Senior Living / Life Care — 1.5%
 
$ 175     California Statewide Communities Development Authority, (Senior Living -Presbyterian Homes), 4.75%, 11/15/26   $ 154,810      
  700     California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36     572,166      
  600     California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 7.25%, 11/15/41     632,142      
 
 
            $ 1,359,118      
 
 
 
 
Special Tax Revenue — 17.5%
 
$ 1,000     Bonita Canyon Public Financing Authority, 5.375%, 9/1/28   $ 912,280      
  285     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26     224,039      
  460     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34     332,598      
  970     Corona Public Financing Authority, 5.80%, 9/1/20     917,222      
  200     Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27     163,012      
  500     Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36     374,455      
  1,590     Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27     1,607,474      
  900     Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25     900,927      
  420     Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24     386,240      
  750     Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29     677,137      
  2,340     Oakland Joint Powers Financing Authority, 5.40%, 9/2/18     2,385,115      
  960     Oakland Joint Powers Financing Authority, 5.50%, 9/2/24     976,906      
  1,325     San Pablo Redevelopment Agency, 5.65%, 12/1/23     1,333,453      
  1,095     Santa Margarita Water District, 6.20%, 9/1/20     1,116,506      
  250     Santaluz Community Facilities District No. 2, 6.10%, 9/1/21     249,988      
  500     Santaluz Community Facilities District No. 2, 6.20%, 9/1/30     487,420      
  250     Temecula Unified School District, 5.00%, 9/1/27     221,898      
  400     Temecula Unified School District, 5.00%, 9/1/37     329,476      
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     501,110      
  500     Tustin Community Facilities District, 6.00%, 9/1/37     460,200      
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23     960,500      
 
 
            $ 15,517,956      
 
 
 
 
Transportation — 5.3%
 
$ 2,000     Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31   $ 2,041,220      
  1,500     Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30     1,521,840      
  1,170     Port of Redwood City, (AMT), 5.125%, 6/1/30     1,086,591      
 
 
            $ 4,649,651      
 
 
 
 
Water and Sewer — 5.1%
 
$ 1,840     California Department of Water Resources, 5.00%, 12/1/29   $ 1,930,914      
  2,500     Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 5.00%, 1/1/34     2,587,575      
 
 
            $ 4,518,489      
 
 
     
Total Tax-Exempt Investments — 175.9%
   
(identified cost $161,701,966)
  $ 156,037,320      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (56.3)%
  $ (49,976,817 )    
 
 
             
Other Assets, Less Liabilities — (19.6)%
  $ (17,340,220 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 88,720,283      
 
 
 

 
See notes to financial statements

13


 

 
Eaton Vance California Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
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 November 30, 2009, 42.7% 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 16.3% 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 an inverse floater (see Note 1H).
 
(3) Security (or a portion thereof) has been pledged as collateral for open swap contracts or inverse floating-rate security transactions. The aggregate value of such collateral is $1,286,171.

 
See notes to financial statements

14


 

Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 163.4%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 37.2%
 
$ 2,440     Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59   $ 2,472,330      
  600     Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33     602,190      
  1,000     Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38     910,680      
  1,500     Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29     1,508,490      
  1,500     Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32     1,518,330      
  1,990     Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35     2,286,749      
  1,500     Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)     1,576,785      
  1,740     Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38     1,826,687      
  1,000     Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38     1,066,480      
 
 
            $ 13,768,721      
 
 
 
 
Electric Utilities — 7.2%
 
$ 1,000     Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30   $ 1,023,020      
  1,870     Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36     1,640,121      
 
 
            $ 2,663,141      
 
 
 
 
Escrowed / Prerefunded — 4.6%
 
$ 400     Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32   $ 464,348      
  235     Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/31     263,195      
  940     Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30     984,425      
 
 
            $ 1,711,968      
 
 
 
 
General Obligations — 2.2%
 
$ 750     Newton, 5.00%, 4/1/36   $ 795,607      
 
 
            $ 795,607      
 
 
 
Health Care-Miscellaneous — 0.2%
 
$ 100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 90,518      
 
 
            $ 90,518      
 
 
 
 
Hospital — 22.9%
 
$ 1,000     Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20   $ 1,020,180      
  1,000     Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36     1,038,760      
  400     Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31     403,612      
  105     Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.30%, 8/1/18     105,050      
  500     Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39     502,315      
  1,135     Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37     1,126,544      
  885     Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31     903,736      
  755     Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33     677,507      
  2,000     Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1)     2,014,980      
  675     Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29     675,972      
 
 
            $ 8,468,656      
 
 
 
 
Housing — 14.2%
 
$ 2,100     Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48   $ 1,827,714      
  1,000     Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40     911,260      
  650     Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28     626,821      
  2,000     Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37     1,872,840      
 
 
            $ 5,238,635      
 
 
 
 
Industrial Development Revenue — 1.9%
 
$ 695     Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15   $ 695,598      
 
 
            $ 695,598      
 
 
 

 
See notes to financial statements

15


 

 
Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Education — 11.4%
 
$ 1,000     Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39   $ 1,082,580      
  1,365     Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)     1,528,550      
  1,600     Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33     1,611,872      
 
 
            $ 4,223,002      
 
 
 
 
Insured-Electric Utilities — 1.5%
 
$ 570     Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29   $ 573,449      
 
 
            $ 573,449      
 
 
 
 
Insured-General Obligations — 8.8%
 
$ 1,000     Massachusetts, (AMBAC), 5.50%, 8/1/30   $ 1,179,900      
  2,255     Milford, (FSA), 4.25%, 12/15/46     2,091,828      
 
 
            $ 3,271,728      
 
 
 
 
Insured-Other Revenue — 3.2%
 
$ 1,225     Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42   $ 1,200,328      
 
 
            $ 1,200,328      
 
 
 
 
Insured-Special Tax Revenue — 14.7%
 
$ 1,450     Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32   $ 1,465,356      
  1,000     Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29     1,134,050      
  1,350     Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37     1,399,248      
  8,945     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54     545,287      
  2,530     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     320,627      
  3,015     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     357,730      
  1,905     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     210,445      
 
 
            $ 5,432,743      
 
 
 
Insured-Student Loan — 6.3%
 
$ 600     Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30(2)   $ 626,922      
  1,985     Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33     1,687,071      
 
 
            $ 2,313,993      
 
 
 
 
Insured-Transportation — 5.5%
 
$ 410     Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32   $ 386,179      
  1,820     Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38     1,653,106      
 
 
            $ 2,039,285      
 
 
 
 
Nursing Home — 2.7%
 
$ 500     Boston Industrial Development Authority, (Alzheimer’s Center), (FHA), 6.00%, 2/1/37   $ 500,240      
  565     Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29     508,856      
 
 
            $ 1,009,096      
 
 
 
 
Other Revenue — 1.4%
 
$ 500     Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22   $ 535,420      
 
 
            $ 535,420      
 
 
 
 
Senior Living / Life Care — 5.3%
 
$ 250     Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31   $ 199,818      
  1,500     Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29     1,307,745      
  140     Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27     106,602      
  475     Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41     329,165      
 
 
            $ 1,943,330      
 
 
 
 
Special Tax Revenue — 6.5%
 
$ 1,665     Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31   $ 540,559      
  5,195     Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34     1,384,623      
  125     Virgin Islands Public Finance Authority, 5.00%, 10/1/39     112,510      

 
See notes to financial statements

16


 

 
Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Special Tax Revenue (continued)
 
                     
$ 335     Virgin Islands Public Finance Authority, 6.75%, 10/1/37   $ 352,182      
 
 
            $ 2,389,874      
 
 
 
 
Water and Sewer — 5.7%
 
$ 250     Massachusetts Water Pollution Abatement Trust, 3.50%, 8/1/26   $ 243,052      
  215     Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27     217,451      
  2,000     Massachusetts Water Resources Authority, 4.00%, 8/1/46     1,649,680      
 
 
            $ 2,110,183      
 
 
     
Total Tax-Exempt Investments — 163.4%
   
(identified cost $61,746,448)
  $ 60,475,275      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (54.2)%
  $ (20,051,756 )    
 
 
             
Other Assets, Less Liabilities — (9.2)%
  $ (3,412,812 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 37,010,707      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
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 November 30, 2009, 31.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.0% to 14.9% of total investments.
 
(1) Security represents the underlying municipal bond of an inverse floater (see Note 1H).
 
(2) Security (or a portion thereof) has been pledged as collateral for open swap contracts. The aggregate value of such collateral is $156,731.

 
See notes to financial statements

17


 

Eaton Vance Michigan Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 156.7%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 5.8%
 
$ 525     Grand Valley State University, 5.625%, 12/1/29   $ 551,455      
  525     Grand Valley State University, 5.75%, 12/1/34     543,632      
  540     Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35     501,946      
 
 
            $ 1,597,033      
 
 
 
 
Electric Utilities — 0.2%
 
$ 60     Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29   $ 60,183      
 
 
            $ 60,183      
 
 
 
 
Escrowed / Prerefunded — 18.9%
 
$ 500     Kent Hospital Finance Authority, (Spectrum Health), Prerefunded to 7/15/11, 5.50%, 1/15/31   $ 544,130      
  560     Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34     659,478      
  1,250     Michigan Higher Education Facilities Authority, (Creative Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27     1,401,612      
  750     Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36     829,973      
  600     Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31     675,156      
  1,000     White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31     1,066,140      
 
 
            $ 5,176,489      
 
 
 
 
General Obligations — 14.9%
 
$ 500     East Grand Rapids Public School District, 5.00%, 5/1/25   $ 523,255      
  1,500     Kent County, 5.00%, 1/1/25     1,621,590      
  750     Manistee Area Public Schools, 5.00%, 5/1/24     780,465      
  270     Michigan, 5.50%, 11/1/25     291,395      
  345     Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29     333,115      
  500     Wayne Charter County, 6.75%, 11/1/39     518,840      
 
 
            $ 4,068,660      
 
 
 
 
Health Care-Miscellaneous — 0.3%
 
$ 100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 90,518      
 
 
            $ 90,518      
 
 
 
Hospital — 28.0%
 
$ 500     Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21   $ 494,015      
  185     Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25     163,936      
  125     Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37     104,710      
  275     Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47     297,396      
  500     Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18     480,770      
  1,000     Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27     999,980      
  750     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38     633,120      
  1,000     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46     855,920      
  1,080     Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35     985,392      
  750     Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21     754,027      
  500     Michigan Hospital Finance Authority, (Mid Michigan Obligation Group), 6.125%, 6/1/39     526,290      
  1,000     Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27     1,022,530      
  425     Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26     360,987      
 
 
            $ 7,679,073      
 
 
 
 
Housing — 3.4%
 
$ 1,000     Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48   $ 937,090      
 
 
            $ 937,090      
 
 
 
 
Industrial Development Revenue — 5.7%
 
$ 1,000     Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21   $ 351,730      
  800     Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16     798,880      
  625     Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26     396,500      
 
 
            $ 1,547,110      
 
 
 
 
Insured-Education — 5.9%
 
$ 570     Ferris State University, (AGC), 5.125%, 10/1/33   $ 586,068      
  500     Ferris State University, (AGC), 5.25%, 10/1/38     516,740      
  500     Wayne State University, (FSA), 5.00%, 11/15/35     509,025      
 
 
            $ 1,611,833      
 
 
 

 
See notes to financial statements

18


 

 
Eaton Vance Michigan Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Electric Utilities — 9.2%
 
$ 1,000     Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT), 5.55%, 9/1/29   $ 991,620      
  400     Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32     395,248      
  220     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30     221,093      
  500     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34     482,580      
  435     Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29     437,632      
 
 
            $ 2,528,173      
 
 
 
 
Insured-Escrowed / Prerefunded — 11.6%
 
$ 1,000     Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31   $ 1,071,400      
  2,000     Novi Building Authority, (FSA), Prerefunded to 10/1/10, 5.50%, 10/1/25     2,107,680      
 
 
            $ 3,179,080      
 
 
 
 
Insured-General Obligations — 9.0%
 
$ 650     Detroit City School District, (FGIC), 4.75%, 5/1/28   $ 609,713      
  300     Detroit City School District, (FSA), 5.25%, 5/1/32     300,378      
  200     Eaton Rapids Public Schools, (NPFG), 4.75%, 5/1/25     200,214      
  100     Lincoln Consolidated School District, (FSA), 5.00%, 5/1/10     101,947      
  1,250     Van Dyke Public Schools, (FSA), 5.00%, 5/1/38     1,249,950      
 
 
            $ 2,462,202      
 
 
 
 
Insured-Hospital — 6.9%
 
$ 985     Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35   $ 874,227      
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical Center), (NPFG), 5.50%, 7/1/24     1,002,000      
 
 
            $ 1,876,227      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 5.5%
 
$ 1,000     Michigan Building Authority, (FGIC), (FSA), 0.00%, 10/15/29   $ 320,990      
  4,300     Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30     1,183,704      
 
 
            $ 1,504,694      
 
 
 
Insured-Special Tax Revenue — 3.7%
 
$ 5,160     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54   $ 314,554      
  2,030     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     257,262      
  2,430     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     288,319      
  1,470     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     162,391      
 
 
            $ 1,022,526      
 
 
 
 
Insured-Student Loan — 7.0%
 
$ 1,000     Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31   $ 902,900      
  1,000     Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25     1,001,060      
 
 
            $ 1,903,960      
 
 
 
 
Insured-Transportation — 4.3%
 
$ 1,000     Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32   $ 913,280      
  300     Wayne Charter County Airport, (NPFG), (AMT), 5.00%, 12/1/28     272,583      
 
 
            $ 1,185,863      
 
 
 
 
Insured-Water and Sewer — 9.5%
 
$ 1,650     Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30   $ 1,562,632      
  1,000     Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39     1,024,800      
 
 
            $ 2,587,432      
 
 
 
 
Lease Revenue / Certificates of Participation — 0.9%
 
$ 250     Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22   $ 250,163      
 
 
            $ 250,163      
 
 
 
 
Other Revenue — 1.4%
 
$ 500     Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48   $ 382,035      
 
 
            $ 382,035      
 
 
 
 
Special Tax Revenue — 1.3%
 
$ 115     Guam, Limited Obligation Bonds, 5.625%, 12/1/29   $ 116,714      
  125     Guam, Limited Obligation Bonds, 5.75%, 12/1/34     127,572      

 
See notes to financial statements

19


 

 
Eaton Vance Michigan Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Special Tax Revenue (continued)
 
                     
$ 110     Virgin Islands Public Finance Authority, 6.75%, 10/1/37   $ 115,642      
 
 
            $ 359,928      
 
 
 
 
Water and Sewer — 3.3%
 
$ 600     Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/29   $ 637,326      
  250     Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(1)     270,643      
 
 
            $ 907,969      
 
 
     
Total Tax-Exempt Investments — 156.7%
   
(identified cost $44,152,713)
  $ 42,918,241      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (63.9)%
  $ (17,500,850 )    
 
 
             
Other Assets, Less Liabilities — 7.2%
  $ 1,974,276      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 27,391,667      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
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 November 30, 2009, 46.3% 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 0.9% to 18.5% of total investments.
 
(1) 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 November 30, 2009
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 168.5%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 21.3%
 
$ 250     New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27   $ 244,273      
  250     New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33     232,958      
  220     New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37     207,761      
  3,000     New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36     3,130,890      
  3,500     New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(1)     3,543,435      
  1,650     New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27     1,690,210      
  965     New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32     1,086,571      
  3,150     Rutgers State University, 5.00%, 5/1/39(1)     3,262,392      
 
 
            $ 13,398,490      
 
 
 
 
Electric Utilities — 2.3%
 
$ 1,500     Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31   $ 1,479,915      
 
 
            $ 1,479,915      
 
 
 
 
General Obligations — 2.1%
 
$ 1,365     Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29   $ 1,317,976      
 
 
            $ 1,317,976      
 
 
 
 
Health Care-Miscellaneous — 0.4%
 
$ 300     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 271,554      
 
 
            $ 271,554      
 
 
 
 
Hospital — 24.3%
 
$ 90     Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35   $ 72,325      
  100     Camden County Improvement Authority, (Cooper Health System), 5.25%, 2/15/27     89,733      
  2,750     Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34     2,478,245      
  2,515     New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27     2,530,593      
  2,685     New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37     2,599,026      
  500     New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39     478,105      
  1,525     New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31     1,532,594      
  1,750     New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.75%, 7/1/31     1,755,390      
  2,810     New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46     2,601,105      
  1,075     New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33     1,109,303      
 
 
            $ 15,246,419      
 
 
 
 
Housing — 4.6%
 
$ 715     New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37   $ 648,155      
  2,340     New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37     2,258,053      
 
 
            $ 2,906,208      
 
 
 
 
Industrial Development Revenue — 12.8%
 
$ 500     Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32   $ 500,475      
  585     Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34     592,271      
  1,235     New Jersey Economic Development Authority, (American Water Co.), (AMT), 5.70%, 10/1/39     1,207,694      
  3,220     New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47     2,679,813      
  435     New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29     362,177      
  750     New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33     779,610      
  2,080     Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22     1,891,386      
 
 
            $ 8,013,426      
 
 
 
 
Insured-Education — 5.5%
 
$ 3,365     New Jersey Educational Facilities Authority, (College of New Jersey), (FSA), 5.00%, 7/1/35(1)   $ 3,447,463      
 
 
            $ 3,447,463      
 
 
 

 
See notes to financial statements

21


 

 
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Electric Utilities — 2.0%
 
$ 1,250     Vineland, (Electric Utility), (NPFG), (AMT), 5.25%, 5/15/26   $ 1,250,837      
 
 
            $ 1,250,837      
 
 
 
 
Insured-Gas Utilities — 8.2%
 
$ 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   $ 5,137,500      
 
 
            $ 5,137,500      
 
 
 
 
Insured-General Obligations — 2.9%
 
$ 460     Egg Harbor Township School District, (FSA), 3.50%, 4/1/28   $ 424,649      
  1,240     Lakewood Township, (AGC), 5.75%, 11/1/31     1,393,487      
 
 
            $ 1,818,136      
 
 
 
 
Insured-Hospital — 6.6%
 
$ 750     New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(1)   $ 761,317      
  1,495     New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38     1,468,150      
  500     New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38(1)     491,020      
  1,380     New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38     1,419,275      
 
 
            $ 4,139,762      
 
 
 
 
Insured-Housing — 5.2%
 
$ 3,390     New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (FSA), (AMT), 5.05%, 5/1/34   $ 3,283,554      
 
 
            $ 3,283,554      
 
 
 
 
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   $ 811,642      
 
 
            $ 811,642      
 
 
 
Insured-Lease Revenue / Certificates of Participation — 4.4%
 
$ 1,500     New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34   $ 1,609,815      
  1,000     New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28     1,124,320      
 
 
            $ 2,734,135      
 
 
 
 
Insured-Other Revenue — 1.7%
 
$ 1,015     Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39   $ 1,059,670      
 
 
            $ 1,059,670      
 
 
 
 
Insured-Special Tax Revenue — 11.6%
 
$ 6,000     Garden State Preservation Trust, (FSA), 0.00%, 11/1/25   $ 2,880,060      
  4,315     New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26     1,797,499      
  2,020     New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27     790,042      
  7,185     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54     437,998      
  2,745     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     347,874      
  5,445     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     646,049      
  3,425     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     378,360      
 
 
            $ 7,277,882      
 
 
 
 
Insured-Student Loan — 5.0%
 
$ 2,970     New Jersey Higher Education Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30(2)   $ 3,127,677      
 
 
            $ 3,127,677      
 
 
 
 
Insured-Transportation — 5.5%
 
$ 2,520     New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26   $ 1,064,549      
  5,570     New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31     1,635,408      
  400     Port Authority of New York and New Jersey, (FGIC), (NPFG), (AMT), 5.00%, 8/1/36     391,892      
  315     South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33     339,447      
 
 
            $ 3,431,296      
 
 
 

 
See notes to financial statements

22


 

 
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Water and Sewer — 4.7%
 
$ 3,090     New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25   $ 2,956,234      
 
 
            $ 2,956,234      
 
 
 
 
Lease Revenue / Certificates of Participation — 6.1%
 
$ 1,500     New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33   $ 1,568,685      
  2,250     New Jersey Health Care Facilities Financing Authority, (Contract Hospital Asset Transportation Program), 5.25%, 10/1/38     2,281,590      
 
 
            $ 3,850,275      
 
 
 
 
Other Revenue — 7.5%
 
$ 7,200     Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50   $ 258,984      
  13,280     Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55     243,821      
  2,700     New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(1)     2,784,132      
  600     New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(1)     618,696      
  4,270     Tobacco Settlement Financing Corp., 0.00%, 6/1/41     215,379      
  900     Tobacco Settlement Financing Corp., 5.00%, 6/1/41     590,283      
 
 
            $ 4,711,295      
 
 
 
 
Senior Living / Life Care — 2.8%
 
$ 465     New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28   $ 443,503      
  770     New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38     702,633      
  815     New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36     619,995      
 
 
            $ 1,766,131      
 
 
 
 
Solid Waste — 1.5%
 
$ 985     Cumberland County Improvement Authority, (Solid Waste System), 5.00%, 1/1/30   $ 966,600      
 
 
            $ 966,600      
 
 
 
 
Special Tax Revenue — 1.2%
 
$ 100     New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27   $ 88,795      
  175     New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37     142,992      
  500     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     525,645      
 
 
            $ 757,432      
 
 
 
 
Student Loan — 0.9%
 
$ 510     New Jersey Higher Education Assistance Authority, 5.625%, 6/1/30   $ 534,271      
 
 
            $ 534,271      
 
 
 
 
Transportation — 16.1%
 
$ 250     New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38   $ 270,093      
  815     New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38     889,784      
  3,600     New Jersey Turnpike Authority, 5.25%, 1/1/40     3,715,344      
  980     Port Authority of New York and New Jersey, 4.50%, 11/1/33     961,654      
  1,000     Port Authority of New York and New Jersey, 5.00%, 9/1/34     1,021,320      
  1,995     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)     2,094,005      
  1,175     South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33     1,189,312      
 
 
            $ 10,141,512      
 
 
     
Total Tax-Exempt Investments — 168.5%
   
(identified cost $107,012,592)
  $ 105,837,292      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (53.2)%
  $ (33,426,215 )    
 
 
             
Other Assets, Less Liabilities — (15.3)%
  $ (9,618,585 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 62,792,492      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
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

 
See notes to financial statements

23


 

 
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
 
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 November 30, 2009, 38.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.4% to 11.0% of total investments.
 
(1) Security represents the underlying municipal bond of an inverse floater (see Note 1H).
 
(2) Security (or a portion thereof) has been pledged as collateral for open swap contracts. The aggregate value of such collateral is $315,927.

 
See notes to financial statements

24


 

Eaton Vance New York Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 164.7%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Cogeneration — 1.4%
 
$ 1,150     Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23   $ 952,292      
 
 
            $ 952,292      
 
 
 
 
Education — 12.2%
 
$ 315     Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33   $ 317,482      
  1,210     New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34     1,264,765      
  325     New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39     337,490      
  440     New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33     451,713      
  1,000     New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1)     1,055,290      
  510     New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34     535,944      
  2,000     New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39     2,079,460      
  2,250     New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33     2,466,247      
 
 
            $ 8,508,391      
 
 
 
 
Electric Utilities — 5.2%
 
$ 1,420     Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33   $ 1,593,609      
  2,100     Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27     2,041,473      
 
 
            $ 3,635,082      
 
 
 
 
General Obligations — 11.2%
 
$ 6,000     New York City, 5.25%, 9/15/33(2)   $ 6,134,880      
  1,000     New York City, 6.25%, 10/15/28     1,165,020      
  570     Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29     550,364      
 
 
            $ 7,850,264      
 
 
 
 
Health Care-Miscellaneous — 6.4%
 
$ 1,115     New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29   $ 887,005      
  1,200     New York City Industrial Development Agency, (Ohel Children’s Home), 6.25%, 8/15/22     918,444      
  200     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37     181,036      
  50     Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15     50,696      
  100     Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15     101,393      
  2,600     Westchester County Industrial Development Agency, (Children’s Village), 5.375%, 3/15/19     2,291,900      
 
 
            $ 4,430,474      
 
 
 
 
Hospital — 28.8%
 
$ 175     Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.35%, 11/15/17   $ 170,371      
  485     Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.40%, 11/15/29     421,484      
  1,250     Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18     1,164,088      
  2,500     Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25     2,454,550      
  400     Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21     411,752      
  1,500     New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30     1,235,250      
  4,000     New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(2)     4,016,440      
  2,000     New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33     1,662,620      
  900     New York Dormitory Authority, (Mount Sinai Hospital), 5.50%, 7/1/26     900,513      
  845     New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34     797,857      
  1,250     New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37     1,211,650      
  415     New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29     382,070      
  835     New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37     740,937      
  680     New York Dormitory Authority, (St. Luke’s Roosevelt Hospital), 4.90%, 8/15/31     658,920      
  1,250     Oneida County Industrial Development Agency, (St. Elizabeth’s Medical Center), 5.75%, 12/1/19     1,143,138      
  650     Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32     604,903      
  2,105     Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22     2,156,825      
 
 
            $ 20,133,368      
 
 
 

 
See notes to financial statements

25


 

 
Eaton Vance New York Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Housing — 17.1%
 
$ 1,500     New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39   $ 1,439,625      
  2,620     New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40     2,556,910      
  1,000     New York Housing Finance Agency, 5.25%, 11/1/41     1,004,380      
  2,625     New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42     2,665,635      
  1,500     New York Mortgage Agency, (AMT), 4.875%, 10/1/30     1,441,080      
  1,990     New York Mortgage Agency, (AMT), 4.90%, 10/1/37     1,847,417      
  1,000     New York Mortgage Agency, (AMT), 5.125%, 10/1/37     974,610      
 
 
            $ 11,929,657      
 
 
 
 
Industrial Development Revenue — 12.7%
 
$ 1,000     Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32   $ 1,009,440      
  2,525     Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(2)     2,494,619      
  1,500     New York Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12     1,485,255      
  440     Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), 4.875%, 7/1/41     394,460      
  2,500     Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34     2,500,700      
  670     Onondaga County Industrial Development Agency, (Senior Air Cargo), (AMT), 6.125%, 1/1/32     539,571      
  465     Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15     465,442      
 
 
            $ 8,889,487      
 
 
 
 
Insured-Education — 6.1%
 
$ 1,250     New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35   $ 1,209,950      
  1,500     New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38     1,537,830      
  5,365     Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33     1,519,046      
 
 
            $ 4,266,826      
 
 
 
Insured-Electric Utilities — 2.2%
 
$ 1,365     Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33   $ 1,518,017      
 
 
            $ 1,518,017      
 
 
 
 
Insured-General Obligations — 1.4%
 
$ 910     New Rochelle City School District, (AGC), 4.00%, 11/15/21   $ 938,993      
 
 
            $ 938,993      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 4.3%
 
$ 3,600     Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47   $ 2,990,412      
 
 
            $ 2,990,412      
 
 
 
 
Insured-Other Revenue — 2.6%
 
$ 2,645     New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31   $ 784,692      
  3,625     New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32     1,009,091      
 
 
            $ 1,793,783      
 
 
 
 
Insured-Special Tax Revenue — 7.9%
 
$ 1,000     New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45   $ 904,630      
  1,000     New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44     947,910      
  4,440     Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34     748,851      
  19,745     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54     1,203,655      
  3,380     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     428,347      
  6,705     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     795,548      
  4,225     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     466,736      
 
 
            $ 5,495,677      
 
 
 
 
Insured-Transportation — 5.8%
 
$ 4,060     Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29   $ 4,064,060      
 
 
            $ 4,064,060      
 
 
 

 
See notes to financial statements

26


 

 
Eaton Vance New York Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS 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   $ 908,180      
 
 
            $ 908,180      
 
 
 
 
Lease Revenue / Certificates of Participation — 4.7%
 
$ 2,345     New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38   $ 2,229,978      
  1,000     New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31     1,081,170      
 
 
            $ 3,311,148      
 
 
 
 
Other Revenue — 1.4%
 
$ 1,285     Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26   $ 1,004,150      
 
 
            $ 1,004,150      
 
 
 
 
Senior Living / Life Care — 3.0%
 
$ 1,450     Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29   $ 1,310,510      
  900     Suffolk County Industrial Development Agency, (Jefferson’s Ferry Project), 5.00%, 11/1/28     802,710      
 
 
            $ 2,113,220      
 
 
 
 
Special Tax Revenue — 2.3%
 
$ 1,000     New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38   $ 1,043,250      
  545     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     572,953      
 
 
            $ 1,616,203      
 
 
 
 
Transportation — 16.3%
 
$ 1,685     Metropolitan Transportation Authority, 4.50%, 11/15/37   $ 1,542,247      
  3,120     Metropolitan Transportation Authority, 4.50%, 11/15/38     2,847,031      
  1,900     Port Authority of New York and New Jersey, 5.00%, 11/15/37(2)     1,942,513      
  1,190     Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33     1,141,127      
  990     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2)     1,039,130      
  2,750     Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34     2,900,617      
 
 
            $ 11,412,665      
 
 
 
 
Water and Sewer — 10.4%
 
$ 585     Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34   $ 153,135      
  325     Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35     79,398      
  3,105     New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(2)     3,412,540      
  2,535     New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance Authority), 5.00%, 6/15/37(2)     2,611,329      
  1,000     Saratoga County Water Authority, 5.00%, 9/1/48     1,006,410      
 
 
            $ 7,262,812      
 
 
     
Total Tax-Exempt Investments — 164.7%
   
(identified cost $117,759,739)
  $ 115,025,161      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (48.3)%
  $ (33,726,635 )    
 
 
             
Other Assets, Less Liabilities — (16.4)%
  $ (11,441,827 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 69,856,699      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
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
 
MFMR - Multi-Family Mortgage Revenue
 
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 November 30, 2009, 19.1% 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 2.4% to 8.9% 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 an inverse floater (see Note 1H).

 
See notes to financial statements

27


 

Eaton Vance Ohio Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 154.1%
 
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   $ 359,602      
  200     Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 6.625%, 9/1/20     197,632      
 
 
            $ 557,234      
 
 
 
 
Electric Utilities — 0.8%
 
$ 310     Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14   $ 311,017      
 
 
            $ 311,017      
 
 
 
 
Escrowed / Prerefunded — 14.5%
 
$ 1,000     Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25   $ 1,067,220      
  1,000     Mahoning County, (Career and Technical Center), Prerefunded to 12/1/11, 6.25%, 12/1/36     1,104,640      
  2,530     Puerto Rico Infrastructure Financing Authority, Prerefunded to 10/1/10, 5.50%, 10/1/32     2,666,671      
  670     Richland County Hospital Facilities, (MedCentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22     714,655      
 
 
            $ 5,553,186      
 
 
 
 
General Obligations — 12.3%
 
$ 1,000     Barberton City School District, 4.50%, 12/1/33   $ 954,770      
  1,090     Central Ohio Solid Waste Authority, 5.125%, 9/1/27     1,169,744      
  500     Columbus, 5.00%, 7/1/23(1)     532,820      
  1,000     Columbus City School District, 5.00%, 12/1/29     1,059,760      
  1,000     Maple Heights City School District, 5.00%, 1/15/37     981,010      
 
 
            $ 4,698,104      
 
 
 
 
Health Care-Miscellaneous — 0.2%
 
$ 100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 90,518      
 
 
            $ 90,518      
 
 
 
 
Hospital — 11.5%
 
$ 1,245     Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.625%, 8/15/32   $ 1,127,410      
  500     Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26     502,705      
  500     Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34     517,055      
  1,000     Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39     1,025,820      
  1,000     Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.75%, 1/15/46     878,550      
  330     Richland County Hospital Facilities, (MedCentral Health Systems), 6.375%, 11/15/22     337,520      
 
 
            $ 4,389,060      
 
 
 
 
Housing — 12.3%
 
$ 1,000     Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.625%, 9/1/27   $ 952,740      
  790     Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.75%, 3/1/37     719,200      
  600     Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 5.00%, 9/1/31     583,668      
  2,500     Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48     2,450,900      
 
 
            $ 4,706,508      
 
 
 
 
Industrial Development Revenue — 9.1%
 
$ 1,385     Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27   $ 1,028,127      
  2,250     Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38     2,249,775      
  225     Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15     223,902      
 
 
            $ 3,501,804      
 
 
 
 
Insured-Education — 9.6%
 
$ 1,000     Kent State University, (AGC), 5.00%, 5/1/26   $ 1,050,550      
  730     Miami University, (AMBAC), 3.25%, 9/1/26     614,667      
  1,500     University of Akron, Series A, (FSA), 5.00%, 1/1/38     1,520,850      
  500     University of Akron, Series B, (FSA), 5.00%, 1/1/38     509,300      
 
 
            $ 3,695,367      
 
 
 
 
Insured-Electric Utilities — 16.9%
 
$ 1,000     American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39   $ 1,051,630      
  710     Cleveland Public Power System, (NPFG), 0.00%, 11/15/27     300,586      

 
See notes to financial statements

28


 

 
Eaton Vance Ohio Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Insured-Electric Utilities (continued)
 
                     
$ 2,000     Cleveland Public Power System, (NPFG), 0.00%, 11/15/38   $ 428,200      
  830     Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25     370,196      
  3,000     Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26     1,250,970      
  2,195     Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34     2,106,519      
  210     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30     211,044      
  250     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34     241,290      
  500     Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26     517,960      
 
 
            $ 6,478,395      
 
 
 
 
Insured-Escrowed / Prerefunded — 4.8%
 
$ 245     Cuyahoga County Hospital, (Cleveland Clinic Health System), (NPFG), Escrowed to Maturity, 5.125%, 1/1/29   $ 245,919      
  1,000     Ohio Higher Educational Facilities, (University of Dayton), (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30     1,058,340      
  500     University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24     540,200      
 
 
            $ 1,844,459      
 
 
 
 
Insured-General Obligations — 16.3%
 
$ 280     Bowling Green City School District, (FSA), 5.00%, 12/1/34   $ 284,197      
  200     Brookfield Local School District, (FSA), 5.00%, 1/15/30     208,390      
  500     Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36     503,605      
  2,455     Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30     811,304      
  1,500     Madeira City School District, (FSA), 3.50%, 12/1/27     1,350,675      
  1,750     Milford Exempt Village School District, (AGC), 5.25%, 12/1/36     1,820,000      
  750     St. Mary’s School District, (FSA), 5.00%, 12/1/35     756,720      
  500     Wadsworth City School District, (AGC), 5.00%, 12/1/37     505,915      
 
 
            $ 6,240,806      
 
 
 
 
Insured-Hospital — 6.7%
 
$ 590     Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32   $ 560,223      
  1,500     Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28     1,503,810      
  485     Lorain County, (Catholic Healthcare Partners), (FSA), Variable Rate, 17.583%, 2/1/29(2)(3)(4)     498,231      
 
 
            $ 2,562,264      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 1.3%
 
$ 500     Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33   $ 495,855      
 
 
            $ 495,855      
 
 
 
 
Insured-Special Tax Revenue — 3.8%
 
$ 9,905     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54   $ 603,809      
  1,690     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     214,174      
  3,350     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     397,477      
  2,100     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     231,987      
 
 
            $ 1,447,447      
 
 
 
 
Insured-Transportation — 7.2%
 
$ 385     Cleveland Airport System, (FSA), 5.00%, 1/1/31   $ 385,104      
  1,000     Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24     1,175,610      
  1,000     Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26     1,184,180      
 
 
            $ 2,744,894      
 
 
 
 
Insured-Water and Sewer — 2.4%
 
$ 250     Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46   $ 230,185      
  750     Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47     686,933      
 
 
            $ 917,118      
 
 
 
 
Lease Revenue / Certificates of Participation — 1.4%
 
$ 500     Franklin County Convention Facilities Authority, 5.00%, 12/1/27   $ 540,530      
 
 
            $ 540,530      
 
 
 

 
See notes to financial statements

29


 

 
Eaton Vance Ohio Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Other Revenue — 4.5%
 
$ 7,345     Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47   $ 305,625      
  710     Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47     505,726      
  1,000     Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27     900,530      
 
 
            $ 1,711,881      
 
 
 
 
Pooled Loans — 10.8%
 
$ 550     Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25   $ 557,683      
  1,020     Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22     1,060,790      
  1,245     Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(5)     1,301,855      
  310     Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25     255,239      
  1,100     Toledo-Lucas County Port Authority, 5.40%, 5/15/19     953,128      
 
 
            $ 4,128,695      
 
 
 
 
Special Tax Revenue — 6.3%
 
$ 520     Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18   $ 528,850      
  1,380     Cuyahoga County Economic Development, (Shaker Square), 6.75%, 12/1/30     1,429,735      
  155     Guam, Limited Obligation Bonds, 5.625%, 12/1/29     157,310      
  170     Guam, Limited Obligation Bonds, 5.75%, 12/1/34     173,499      
  110     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     115,642      
 
 
            $ 2,405,036      
 
 
     
Total Tax-Exempt Investments — 154.1%
   
(identified cost $58,836,479)
  $ 59,020,178      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (59.3)%
  $ (22,726,652 )    
 
 
             
Other Assets, Less Liabilities — 5.2%
  $ 2,001,931      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 38,295,457      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
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 November 30, 2009, 44.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.6% to 16.3% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) 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.
 
(3) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2009, the aggregate value of the securities is $498,231 or 1.3% of the Trust’s net assets applicable to common shares.
 
(4) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2009.
 
(5) Security represents the underlying municipal bond of an inverse floater (see Note 1H).

 
See notes to financial statements

30


 

Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 160.7%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Bond Bank — 3.1%
 
$ 1,000     Delaware Valley Regional Finance Authority, 5.75%, 7/1/32   $ 1,124,130      
 
 
            $ 1,124,130      
 
 
 
 
Cogeneration — 3.7%
 
$ 160     Carbon County Industrial Development Authority, (Panther Creek Partners), (AMT), 6.65%, 5/1/10   $ 161,334      
  500     Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13     328,115      
  500     Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19     324,955      
  575     Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15     520,243      
 
 
            $ 1,334,647      
 
 
 
 
Education — 5.9%
 
$ 500     Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39   $ 500,345      
  1,200     Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39     1,137,612      
  500     Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39     509,045      
 
 
            $ 2,147,002      
 
 
 
 
Electric Utilities — 2.9%
 
$ 435     Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36   $ 430,628      
  600     York County Industrial Development Authority, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20     610,854      
 
 
            $ 1,041,482      
 
 
 
 
Escrowed / Prerefunded — 1.9%
 
$ 600     Bucks County Industrial Development Authority, (Pennswood), Prerefunded to 10/1/12, 6.00%, 10/1/27   $ 688,680      
 
 
            $ 688,680      
 
 
 
General Obligations — 7.3%
 
$ 500     Chester County, 5.00%, 7/15/27(1)   $ 556,280      
  1,000     Daniel Boone Area School District, 5.00%, 8/15/32     1,026,920      
  1,000     Philadelphia School District, 6.00%, 9/1/38     1,078,920      
 
 
            $ 2,662,120      
 
 
 
 
Health Care-Miscellaneous — 0.3%
 
$ 100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 90,518      
 
 
            $ 90,518      
 
 
 
 
Hospital — 19.5%
 
$ 500     Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34   $ 495,950      
  750     Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29     783,105      
  1,215     Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32     1,188,221      
  750     Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39     721,133      
  1,500     Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43     1,385,325      
  1,000     Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(2)     1,120,015      
  850     Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31     876,605      
  500     Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17     514,150      
 
 
            $ 7,084,504      
 
 
 
 
Housing — 16.6%
 
$ 515     Allegheny County Residential Finance Authority, SFMR, (AMT), 4.95%, 11/1/37   $ 486,072      
  1,170     Allegheny County Residential Finance Authority, SFMR, (AMT), 5.00%, 5/1/35     1,161,623      
  935     Pennsylvania Housing Finance Agency, (AMT), 4.70%, 10/1/37     838,882      
  1,200     Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26     1,174,788      
  500     Pennsylvania Housing Finance Agency, (AMT), 4.875%, 10/1/31     479,530      
  1,000     Pennsylvania Housing Finance Agency, (AMT), 4.90%, 10/1/37     949,020      
  970     Pennsylvania Housing Finance Agency, (AMT), 5.15%, 10/1/37     942,006      
 
 
            $ 6,031,921      
 
 
 

 
See notes to financial statements

31


 

 
Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Industrial Development Revenue — 11.4%
 
$ 200     Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39(3)   $ 200,932      
  750     Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42     705,292      
  500     New Morgan Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19     500,010      
  250     Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39     267,330      
  1,000     Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31     1,011,960      
  500     Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27     455,680      
  1,550