Eaton Vance Ohio Municipal Income Trust
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09153
Eaton Vance Ohio Municipal Income Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
November 30
Date of Fiscal Year End
May 31, 2010
Date of Reporting Period
 
 

 


 

Item 1. Reports to Stockholders

 


 

(GRAPHIC)

 


 

 
IMPORTANT NOTICES
 
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. 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.
 
 
 
 
Additional Notice to Shareholders. A Fund may redeem or purchase its outstanding auction preferred shares (“APS”) in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary. A Fund also may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that a Fund will take such action or that such purchases would reduce the discount.


 

Eaton Vance Municipal Income Trusts as of May 31, 2010
         
    2  
 
       
Performance Information and Portfolio Composition
       
 
       
    4  
    5  
    6  
    7  
    8  
    9  
    10  
 
       
Financial Statements
    11  
 
       
Annual Meeting of Shareholders
    67  
 
       
Board of Trustees’ Annual Approval of the Investment Advisory Agreements
    68  
 
       
Officers and Trustees
    71  

1


 

Eaton Vance Municipal Income Trusts as of May 31, 2010
INVESTMENT UPDATE
Eaton Vance Municipal Income Trusts (the Trusts) are closed-end funds, traded on the NYSE Amex, which are designed to provide current income exempt from regular federal income tax and state personal income taxes. This income is earned by investing primarily in investment-grade municipal securities.
Economic and Market Conditions
During the six months ending May 31, 2010, the U.S. economy remained relatively stable, despite continued high unemployment and concerns over the U.S. budget. U.S. equity and bond markets became more skittish during the period, partially in reaction to the Euro Zone credit problems that began in Greece. The U.S. economy grew at an annualized rate of 5.7% in the fourth quarter of 2009 and 2.7% in the first quarter of 2010, according to the U.S. Department of Commerce.
The municipal bond market’s performance was relatively flat during the period, with slightly negative returns in the final month of 2009 being offset by positive performance in the first part of 2010. For the period, the Trusts’ primary benchmark, the Barclays Capital Municipal Bond Index (the Index)—a broad-based, unmanaged index of municipal bonds—gained 3.60%.1 Economic fundamentals continued to improve and demand for municipals remained strong.
The significant performance disparities among the municipal market’s segments, which became historically wide during 2008 and the first three quarters of 2009, began to dissipate during the six months ending May 31, 2010. After nearly two years of irrational market behavior, we witnessed a period in which there was more typical—and less volatile—performance across credit quality, maturities and sectors. In the face of limited tax-exempt supply due to the success of the Build America Bond program, demand from municipal investors remained positive during the period, though the gusto with which they purchased municipal funds waned from 2009 levels. We believe lighter inflows were likely driven by lower yields, a continuation of credit-related headline “noise” and investor preparation for tax bills in March and April 2010.
 
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.
Management Discussion
During the six months ending May 31, 2010, the Trusts outperformed the Index and their respective Lipper peer group averages at net asset value.1 Given the combination of the Trusts’ objective of providing tax-exempt income and the municipal yield curve’s historically upward slope, the Trusts generally hold longer-maturity bonds relative to the broad market than many of our competitors. The Trusts invest across the credit spectrum; as a result, narrowing credit yield spreads during the period contributed to their outperformance of the Index. However, management’s bias toward long maturities, which was the basis for much of the Trusts’ significant relative outperformance in the first three quarters of 2009, detracted slightly during the six-month period.
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 underlying investments in both up and down markets. During the period, the Trusts’ leverage also contributed to their outperformance of the Index.
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 closely monitor the economy and its impact on current and future budget deficits, and we will stay abreast of any new solutions provided by state and local officials to address their 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.

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.

2


 

Eaton Vance Municipal Income Trusts as of May 31, 2010
INVESTMENT UPDATE
Effective February 19, 2010, Craig R. Brandon became the portfolio manager of Eaton Vance Massachusetts Municipal Income Trust and Adam A. Weigold became the portfolio manager of Eaton Vance New Jersey Municipal Income Trust. Mr. Brandon is a Vice President of Eaton Vance Management (EVM) and has been a portfolio manager of Eaton Vance municipal funds since 2004. Mr. Weigold is a Vice President of EVM and has been a portfolio manager of Eaton Vance municipal funds since 2007. In addition, Mr. Weigold has been a municipal credit analyst of Eaton Vance for more than five years.
A Note Regarding The Use Of Leverage
The Trusts employ leverage through the issuance of Auction Preferred Shares (APS) and, for certain Trusts, the use of residual interest bond (RIB) financing.1 Each Trust’s APS and RIB leverage percentage as of May 31, 2010, 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).
 
1   See Note 1H to the Financial Statements for more information on RIB investments.

3


 

Eaton Vance California Municipal Income Trust as of May 31, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   CEV
 
Average Annual Total Returns (by market price)
       
Six Months
    9.82 %
One Year
    25.50  
Five Years
    3.34  
Ten Years
    8.08  
Life of Trust (1/29/99)
    4.78  
 
       
Average Annual Total Returns (by net asset value)
       
Six Months
    8.88 %
One Year
    18.31  
Five Years
    1.97  
Ten Years
    7.80  
Life of Trust (1/29/99)
    4.82  
 
       
Premium/(Discount) to NAV (5/31/10)
    -0.46 %
 
       
         
Market Yields        
 
Market Yield2
    6.87 %
Taxable-Equivalent Market Yield3
    11.82  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
Six Months
    3.60 %     6.08 %
One Year
    8.52       13.53  
Five Years
    4.52       3.86  
Ten Years
    5.90       6.51  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper California Municipal Debt Funds Classification (by net asset value)
 
Six Months
    7.29 %
One Year
    16.18  
Five Years
    3.02  
Ten Years
    6.39  

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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. 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 as of 5/31/10 is as follows:
         
AAA
    25.1 %
AA
    25.9 %
A
    31.3 %
BBB
    11.3 %
Not Rated
    6.4 %
Trust Statistics7
       
Number of Issues:
  105  
Average Maturity:
  21.3  years
Average Effective Maturity:
  12.8  years
Average Call Protection:
  7.1  years
Average Dollar Price:
  $91.04  
APS Leverage**:
  30.5 %
RIB Leverage**:
  12.5 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 5/31/10 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 as of 5/31/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
1 Six-month returns are cumulative. Other returns are presented on an average annual basis. 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 25, 25, 24 and 14 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of 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. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

4


 

Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   MMV
 
Average Annual Total Returns (by market price)
       
Six Months
    15.05 %
One Year
    25.24  
Five Years
    3.88  
Ten Years
    8.96  
Life of Trust (1/29/99)
    5.80  
 
       
Average Annual Total Returns (by net asset value)
       
Six Months
    8.91 %
One Year
    21.51  
Five Years
    3.72  
Ten Years
    8.99  
Life of Trust (1/29/99)
    5.52  
 
       
Premium/(Discount) to NAV (5/31/10)
    3.07 %
         
Market Yields        
 
Market Yield2
    6.13 %
Taxable-Equivalent Market Yield3
    9.96  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
Six Months
    3.60 %     6.08 %
One Year
    8.52       13.53  
Five Years
    4.52       3.86  
Ten Years
    5.90       6.51  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Other States Municipal Debt Funds Classification (by net asset value)
 
Six Months
    5.22 %
One Year
    14.35  
Five Years
    4.04  
Ten Years
    6.78  

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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. 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 as of 5/31/10 is as follows:
         
AAA
    7.4 %
AA
    40.4 %
A
    37.7 %
BBB
    8.6 %
BB
    1.3 %
Not Rated
    4.6 %
Trust Statistics7
       
Number of Issues:
  66  
Average Maturity:
  26.2  years
Average Effective Maturity:
  18.2  years
Average Call Protection:
  9.7  years
Average Dollar Price:
  $98.28  
APS Leverage**:
  31.3 %
RIB Leverage**:
  7.6 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 5/31/10 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 as of 5/31/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
1 Six-month returns are cumulative. Other returns are presented on an average annual basis. 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 46, 46, 46 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of 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. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

5


 

Eaton Vance Michigan Municipal Income Trust as of May 31, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   EMI
 
Average Annual Total Returns (by market price)
       
Six Months
    13.34 %
One Year
    23.62  
Five Years
    1.02  
Ten Years
    8.42  
Life of Trust (1/29/99)
    4.53  
 
       
Average Annual Total Returns (by net asset value)
       
Six Months
    7.70 %
One Year
    17.09  
Five Years
    3.31  
Ten Years
    8.05  
Life of Trust (1/29/99)
    5.12  
 
       
Premium/(Discount) to NAV (5/31/10)
    -6.23 %
 
       
         
Market Yields        
 
Market Yield2
    6.81 %
Taxable-Equivalent Market Yield3
    10.95  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
Six Months
    3.60 %     6.08 %
One Year
    8.52       13.53  
Five Years
    4.52       3.86  
Ten Years
    5.90       6.51  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Michigan Municipal Debt Funds Classification (by net asset value)
 
Six Months
    5.66 %
One Year
    12.99  
Five Years
    3.65  
Ten Years
    7.07  

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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. 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:
  71  
Average Maturity:
  21.2  years
Average Effective Maturity:
  11.4  years
Average Call Protection:
  5.6  years
Average Dollar Price:
  $96.89  
APS Leverage*:
  38.1 %
 
*   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 5/31/10 as a percentage of the Trust’s net assets applicable to common shares plus APS.
1 Six-month returns are cumulative. Other returns are presented on an average annual basis. 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, which is a form 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 5, 5, 5 and 3 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.6 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of 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. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

6


 

Eaton Vance New Jersey Municipal Income Trust as of May 31, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   EVJ
 
Average Annual Total Returns (by market price)
       
Six Months
    6.84 %
One Year
    29.73  
Five Years
    5.42  
Ten Years
    9.33  
Life of Trust (1/29/99)
    5.90  
 
       
Average Annual Total Returns (by net asset value)
       
Six Months
    7.12 %
One Year
    20.86  
Five Years
    3.98  
Ten Years
    8.86  
Life of Trust (1/29/99)
    5.61  
 
       
Premium/(Discount) to NAV (5/31/10)
    3.20 %
         
Market Yields        
 
Market Yield2
    6.54 %
Taxable-Equivalent Market Yield3
    11.05  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
Six Months
    3.60 %     6.08 %
One Year
    8.52       13.53  
Five Years
    4.52       3.86  
Ten Years
    5.90       6.51  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper New Jersey Municipal Debt Funds Classification (by net asset value)
 
Six Months
    6.62 %
One Year
    16.69  
Five Years
    4.03  
Ten Years
    6.84  

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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. 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 as of 5/31/10 is as follows:
         
AAA
    22.6 %
AA
    27.6 %
A
    25.2 %
BBB
    22.2 %
BB
    0.2 %
B
    1.0 %
Not Rated
    1.2 %
Trust Statistics7
       
Number of Issues:
  80  
Average Maturity:
  24.9  years
Average Effective Maturity:
  12.7  years
Average Call Protection:
  8.2  years
Average Dollar Price:
  $94.95  
APS Leverage**:
  29.5 %
RIB Leverage**:
  12.9 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) out- standing as of 5/31/10 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 as of 5/31/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
1 Six-month returns are cumulative. Other returns are presented on an average annual basis. 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 Jersey Municipal Debt Funds Classification (closed-end) contained 12, 12, 11 and 6 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of 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. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

7


 

Eaton Vance New York Municipal Income Trust as of May 31, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   EVY
 
Average Annual Total Returns (by market price)
       
Six Months
    9.69 %
One Year
    19.50  
Five Years
    3.29  
Ten Years
    9.55  
Life of Trust (1/29/99)
    5.65  
 
       
Average Annual Total Returns (by net asset value)
       
Six Months
    9.55 %
One Year
    23.03  
Five Years
    2.74  
Ten Years
    8.33  
Life of Trust (1/29/99)
    5.44  
 
       
Premium/(Discount) to NAV (5/31/10)
    2.26 %
         
Market Yields        
 
Market Yield2
    6.50 %
Taxable-Equivalent Market Yield3
    10.99  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
Six Months
    3.60 %     6.08 %
One Year
    8.52       13.53  
Five Years
    4.52       3.86  
Ten Years
    5.90       6.51  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper New York Municipal Debt Funds Classification (by net asset value)
 
Six Months
    6.69 %
One Year
    16.04  
Five Years
    3.48  
Ten Years
    6.71  

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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. 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 as of 5/31/10 is as follows:
         
AAA
    18.6 %
AA
    33.4 %
A
    19.7 %
BBB
    12.2 %
BB
    4.7 %
B
    1.9 %
CCC
    0.9 %
Not Rated
    8.6 %
Trust Statistics7
       
Number of Issues:
  94  
Average Maturity:
  24.0  years
Average Effective Maturity:
  14.3  years
Average Call Protection:
  9.2  years
Average Dollar Price:
  $96.70  
APS Leverage**:
  26.2 %
RIB Leverage**:
  15.9 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 5/31/10 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 as of 5/31/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
1 Six-month returns are cumulative. Other returns are presented on an average annual basis. 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 20, 20, 19 and 8 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of 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. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

8


 

Eaton Vance Ohio Municipal Income Trust as of May 31, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   EVO
 
Average Annual Total Returns (by market price)
       
Six Months
    5.08 %
One Year
    18.16  
Five Years
    3.58  
Ten Years
    8.09  
Life of Trust (1/29/99)
    5.15  
 
       
Average Annual Total Returns (by net asset value)
       
Six Months
    5.53 %
One Year
    17.55  
Five Years
    3.41  
Ten Years
    8.38  
Life of Trust (1/29/99)
    5.25  
 
       
Premium/(Discount) to NAV (5/31/10)
    -1.09 %
         
Market Yields        
 
Market Yield2
    6.52 %
Taxable-Equivalent Market Yield3
    10.70  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
Six Months
    3.60 %     6.08 %
One Year
    8.52       13.53  
Five Years
    4.52       3.86  
Ten Years
    5.90       6.51  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Other States Municipal Debt Funds Classification (by net asset value)
 
Six Months
    5.22 %
One Year
    14.35  
Five Years
    4.04  
Ten Years
    6.78  

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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. 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 as of 5/31/10 is as follows:
         
AAA
    30.2 %
AA
    34.2 %
A
    18.4 %
BBB
    9.2 %
B
    1.4 %
Not Rated
    6.6 %
Trust Statistics7
       
Number of Issues:
  80  
Average Maturity:
  22.5  years
Average Effective Maturity:
  10.9  years
Average Call Protection:
  7.6  years
Average Dollar Price:
  $96.16  
APS Leverage**:
  35.4 %
RIB Leverage**:
  3.6 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 5/31/10 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 as of 5/31/10 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 Six-month returns are cumulative. Other returns are presented on an average annual basis. 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 39.06% 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 46, 46, 46 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of 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. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

9


 

Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1    
NYSE Amex Symbol   EVP
 
Average Annual Total Returns (by market price)
       
Six Months
    8.78 %
One Year
    22.82  
Five Years
    3.23  
Ten Years
    8.79  
Life of Trust (1/29/99)
    5.28  
 
       
Average Annual Total Returns (by net asset value)
       
Six Months
    7.40 %
One Year
    17.74  
Five Years
    4.12  
Ten Years
    8.33  
Life of Trust (1/29/99)
    5.39  
 
       
Premium/(Discount) to NAV (5/31/10)
    -1.22 %
         
Market Yields        
 
Market Yield2
    6.31 %
Taxable-Equivalent Market Yield3
    10.02  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital Municipal Bond Index   Barclays Capital Long (22+) Municipal Bond Index
 
Six Months
    3.60 %     6.08 %
One Year
    8.52       13.53  
Five Years
    4.52       3.86  
Ten Years
    5.90       6.51  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value)
 
Six Months
    6.12 %
One Year
    16.67  
Five Years
    3.76  
Ten Years
    6.68  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or 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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. 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 as of 5/31/10 is as follows:
         
AAA
    16.9 %
AA
    43.7 %
A
    22.7 %
BBB
    5.8 %
BB
    0.8 %
CCC
    1.8 %
CC
    0.8 %
Not Rated
    7.5 %
Trust Statistics7
       
Number of Issues:
  84  
Average Maturity:
  22.1  years
Average Effective Maturity:
  12.1  years
Average Call Protection:
  7.8  years
Average Dollar Price:
  $99.01  
APS Leverage**:
  34.5 %
RIB Leverage**:
  3.9 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 5/31/10 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 as of 5/31/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
1 Six-month returns are cumulative. Other returns are presented on an average annual basis. 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 9, 9, 8 and 5 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of 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. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

10


 

Eaton Vance California Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 172.7%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 15.7%
 
$ 2,000     California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39   $ 2,086,460      
  745     California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30     763,394      
  2,770     California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29     2,692,855      
  1,105     California Educational Facilities Authority, (Pomona College), 5.00%, 7/1/45     1,138,205      
  1,350     California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23     1,495,868      
  4,000     California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1)     4,008,600      
  2,500     San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41     2,502,525      
 
 
            $ 14,687,907      
 
 
 
 
Electric Utilities — 7.1%
 
$ 270     Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34   $ 299,779      
  2,275     Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27     2,248,860      
  1,020     Los Angeles Department of Water and Power, 5.25%, 7/1/38     1,079,517      
  1,500     Northern California Power Agency, 5.25%, 8/1/24     1,599,480      
  1,300     Vernon, Electric System Revenue, 5.125%, 8/1/21     1,367,730      
 
 
            $ 6,595,366      
 
 
 
 
General Obligations — 11.3%
 
$ 750     California, 6.00%, 4/1/38   $ 818,685      
  1,590     California, (AMT), 5.05%, 12/1/36     1,451,575      
  4,770     San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2)     4,884,766      
  3,180     Santa Clara County, (Election of 2008),
5.00%, 8/1/39(2)(3)
    3,368,145      
 
 
            $ 10,523,171      
 
 
 
 
Hospital — 29.1%
 
$ 1,000     California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32   $ 1,029,550      
  2,310     California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39     2,250,956      
  1,500     California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38     1,701,045      
  3,480     California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(2)     3,461,753      
  750     California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31     755,138      
  2,900     California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35     2,775,996      
  1,150     California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34     1,119,985      
  1,650     California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36     1,602,925      
  1,565     California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32     1,587,583      
  1,750     California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29     1,753,325      
  1,500     California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28     1,538,190      
  1,200     Duarte, (Hope National Medical Center), 5.25%, 4/1/24     1,202,064      
  1,900     Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31     1,918,658      
  1,250     Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34     1,105,413      
  700     Washington Health Care Facilities Authority, (Providence Health Care), 5.25%, 7/1/29     700,623      
  2,780     Washington Township Health Care District, 5.00%, 7/1/32     2,679,058      
 
 
            $ 27,182,262      
 
 
 
 
Housing — 2.6%
 
$ 1,750     California Housing Finance Agency, (AMT), 4.75%, 8/1/42   $ 1,363,985      
  707     Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29     660,965      
  414     Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29     382,163      
 
 
            $ 2,407,113      
 
 
 
 
Industrial Development Revenue — 4.1%
 
$ 800     California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27   $ 801,288      
  1,235     California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23     1,239,940      
  2,000     California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46     1,799,600      
 
 
            $ 3,840,828      
 
 
 
 
Insured-Education — 5.3%
 
$ 495     California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35   $ 498,074      

 
See notes to financial statements

11


 

 
Eaton Vance California Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Insured-Education (continued)
 
                     
$ 1,250     California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23   $ 1,385,062      
  3,000     California State University, (AMBAC), 5.00%, 11/1/33     3,027,810      
 
 
            $ 4,910,946      
 
 
 
 
Insured-Electric Utilities — 6.3%
 
$ 2,500     California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16   $ 2,599,000      
  3,250     California Pollution Control Financing Authority, (Southern California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31     3,253,218      
 
 
            $ 5,852,218      
 
 
 
 
Insured-Escrowed / Prerefunded — 2.9%
 
$ 5,130     Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26   $ 2,703,818      
 
 
            $ 2,703,818      
 
 
 
 
Insured-General Obligations — 6.4%
 
$ 7,000     Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34   $ 1,560,440      
  4,825     Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35     1,001,766      
  7,995     Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25     3,420,421      
 
 
            $ 5,982,627      
 
 
 
 
Insured-Hospital — 14.5%
 
$ 2,900     California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37   $ 2,940,861      
  990     California Statewide Communities Development Authority, (Children’s Hospital Los Angeles), (NPFG), 5.25%, 8/15/29     980,466      
  750     California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(2)     756,660      
  3,750     California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.75%, 8/15/27(2)     3,783,182      
  5,000     California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2)     5,064,400      
 
 
            $ 13,525,569      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 10.9%
 
$ 5,510     Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17   $ 4,120,764      
  2,000     Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27     2,418,820      
  3,500     San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(2)     3,622,535      
 
 
            $ 10,162,119      
 
 
 
 
Insured-Other Revenue — 1.8%
 
$ 1,740     Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%, 6/1/38   $ 1,701,511      
 
 
            $ 1,701,511      
 
 
 
 
Insured-Special Tax Revenue — 4.3%
 
$ 21,285     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54   $ 1,343,509      
  4,220     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     542,059      
  8,355     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     998,673      
  5,270     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     585,761      
  480     Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28     534,936      
 
 
            $ 4,004,938      
 
 
 
 
Insured-Transportation — 9.5%
 
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29   $ 1,440,150      
  8,000     Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31     2,030,160      
  740     Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)     788,503      
  10,000     San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/32     1,817,600      
  1,320     San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37     1,325,914      
  1,350     San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47     1,436,602      
 
 
            $ 8,838,929      
 
 
 
 
Insured-Water and Sewer — 5.6%
 
$ 1,600     East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32   $ 1,693,440      
  4,400     Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30     3,490,608      
 
 
            $ 5,184,048      
 
 
 

 
See notes to financial statements

12


 

 
Eaton Vance California Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Other Revenue — 2.2%
 
$ 385     California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32   $ 380,896      
  580     California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37     559,016      
  980     Golden State Tobacco Securitization Corp., 0.00%, 6/1/37     628,611      
  640     Golden State Tobacco Securitization Corp., 5.75%, 6/1/47     469,293      
 
 
            $ 2,037,816      
 
 
 
 
Senior Living / Life Care — 1.5%
 
$ 175     California Statewide Communities Development Authority, (Senior Living -Presbyterian Homes), 4.75%, 11/15/26   $ 156,067      
  700     California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36     595,371      
  600     California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 7.25%, 11/15/41     654,900      
 
 
            $ 1,406,338      
 
 
 
 
Special Tax Revenue — 19.2%
 
$ 1,000     Bonita Canyon Public Financing Authority, 5.375%, 9/1/28   $ 935,340      
  285     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26     234,472      
  460     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34     353,280      
  2,000     California, Economic Recovery Bonds, 5.00%, 7/1/20     2,235,140      
  970     Corona Public Financing Authority, 5.80%, 9/1/20     950,115      
  200     Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27     174,766      
  500     Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36     412,590      
  1,590     Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27     1,592,099      
  895     Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25     899,949      
  420     Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24     401,852      
  750     Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29     706,365      
  2,250     Oakland Joint Powers Financing Authority, 5.40%, 9/2/18     2,294,032      
  930     Oakland Joint Powers Financing Authority, 5.50%, 9/2/24     946,442      
  1,325     San Pablo Redevelopment Agency, 5.65%, 12/1/23     1,336,051      
  1,095     Santa Margarita Water District, 6.20%, 9/1/20     1,109,848      
  250     Santaluz Community Facilities District No. 2, 6.10%, 9/1/21     250,240      
  500     Santaluz Community Facilities District No. 2, 6.20%, 9/1/30     500,115      
  250     Temecula Unified School District, 5.00%, 9/1/27     219,663      
  400     Temecula Unified School District, 5.00%, 9/1/37     331,292      
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     502,490      
  500     Tustin Community Facilities District, 6.00%, 9/1/37     491,385      
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23     990,600      
 
 
            $ 17,868,126      
 
 
 
 
Transportation — 7.4%
 
$ 2,000     Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31   $ 2,065,280      
  2,120     Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(2)     2,190,554      
  5     Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35     5,166      
  1,500     Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30     1,551,480      
  1,170     Port of Redwood City, (AMT), 5.125%, 6/1/30     1,142,107      
 
 
            $ 6,954,587      
 
 
 
 
Water and Sewer — 5.0%
 
$ 1,840     California Department of Water Resources, 5.00%, 12/1/29   $ 1,985,286      
  2,500     Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 5.00%, 1/1/34     2,660,525      
 
 
            $ 4,645,811      
 
 
     
Total Tax-Exempt Investments — 172.7%
   
(identified cost $162,031,524)
  $ 161,016,048      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (53.6)%
  $ (49,979,998 )    
 
 
             
Other Assets, Less Liabilities — (19.1)%
  $ (17,784,038 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 93,252,012      
 
 

 
See notes to financial statements

13


 

 
Eaton Vance California Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) 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.
 
AGM - Assured Guaranty Municipal 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
 
NPFG - National Public Finance Guaranty Corp.
 
RADIAN - Radian Group, Inc.
 
The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 39.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 14.3% 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 inverse floating-rate security transactions. The aggregate value of such collateral is $983,145.

 
See notes to financial statements

14


 

Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 163.4%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 34.9%
 
$ 2,290     Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59   $ 2,428,957      
  600     Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33     607,866      
  1,240     Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35     1,310,258      
  1,000     Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38     968,560      
  1,500     Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29     1,507,185      
  1,500     Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32     1,527,570      
  1,840     Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35     2,176,279      
  1,500     Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)     1,594,050      
  415     Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38     440,257      
  1,000     Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38     1,087,000      
 
 
            $ 13,647,982      
 
 
 
 
Electric Utilities — 7.1%
 
$ 1,000     Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30   $ 1,025,780      
  1,870     Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36     1,742,073      
 
 
            $ 2,767,853      
 
 
 
 
Escrowed / Prerefunded — 4.3%
 
$ 400     Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32   $ 456,440      
  235     Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/31     257,299      
  940     Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30     954,852      
 
 
            $ 1,668,591      
 
 
 
 
General Obligations — 2.1%
 
$ 750     Newton, 5.00%, 4/1/36   $ 807,383      
 
 
            $ 807,383      
 
 
 
Hospital — 25.2%
 
$ 1,000     Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20   $ 1,013,180      
  1,000     Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36     1,054,950      
  400     Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31     405,600      
  105     Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.30%, 8/1/18     105,067      
  500     Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39     521,280      
  1,135     Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37     1,157,053      
  885     Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31     902,567      
  755     Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33     750,961      
  2,000     Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1)     2,021,330      
  675     Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29     676,303      
  1,255     Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/39     1,237,894      
 
 
            $ 9,846,185      
 
 
 
 
Housing — 14.2%
 
$ 2,100     Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48   $ 1,937,544      
  1,000     Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40     953,530      
  650     Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28     653,139      
  2,000     Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37     1,999,980      
 
 
            $ 5,544,193      
 
 
 
 
Industrial Development Revenue — 1.8%
 
$ 695     Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15   $ 695,834      
 
 
            $ 695,834      
 
 
 
 
Insured-Education — 11.0%
 
$ 1,000     Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39   $ 1,137,870      
  1,365     Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)     1,551,632      

 
See notes to financial statements

15


 

 
Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Insured-Education (continued)
 
                     
$ 1,600     Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33   $ 1,624,512      
 
 
            $ 4,314,014      
 
 
 
 
Insured-Electric Utilities — 1.5%
 
$ 570     Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29   $ 602,541      
 
 
            $ 602,541      
 
 
 
 
Insured-General Obligations — 8.4%
 
$ 1,000     Massachusetts, (AMBAC), 5.50%, 8/1/30   $ 1,200,070      
  2,185     Milford, (AGM), 4.25%, 12/15/46     2,105,641      
 
 
            $ 3,305,711      
 
 
 
 
Insured-Hospital — 2.1%
 
$ 400     Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare, Inc.), (AGC), 5.00%, 11/15/25   $ 406,324      
  220     Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare, Inc.), (AGC), 5.00%, 11/15/31     221,314      
  190     Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare, Inc.), (AGC), 5.125%, 11/15/35     191,341      
 
 
            $ 818,979      
 
 
 
 
Insured-Other Revenue — 3.5%
 
$ 1,225     Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42   $ 1,370,077      
 
 
            $ 1,370,077      
 
 
 
 
Insured-Special Tax Revenue — 13.8%
 
$ 1,450     Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32   $ 1,475,578      
  1,000     Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29     1,149,710      
  1,340     Massachusetts School Building Authority, (AMBAC), 5.00%, 8/15/37(1)     1,400,528      
  7,595     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54     479,396      
  2,525     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     324,336      
  3,005     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     359,188      
  1,905     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     211,741      
 
 
            $ 5,400,477      
 
 
 
Insured-Student Loan — 5.8%
 
$ 485     Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30   $ 515,836      
  1,985     Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33     1,756,566      
 
 
            $ 2,272,402      
 
 
 
 
Insured-Transportation — 3.6%
 
$ 385     Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32   $ 381,932      
  1,070     Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38     1,041,602      
 
 
            $ 1,423,534      
 
 
 
 
Nursing Home — 1.4%
 
$ 550     Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29   $ 543,428      
 
 
            $ 543,428      
 
 
 
 
Other Revenue — 1.4%
 
$ 500     Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22   $ 543,070      
 
 
            $ 543,070      
 
 
 
 
Senior Living / Life Care — 5.5%
 
$ 250     Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31   $ 210,525      
  1,500     Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29     1,366,665      
  125     Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30     125,859      
  140     Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27     110,471      
  475     Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41     342,394      
 
 
            $ 2,155,914      
 
 
 
 
Special Tax Revenue — 6.7%
 
$ 1,665     Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31   $ 600,516      
  5,195     Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34     1,572,994      
  75     Virgin Islands Public Finance Authority, 5.00%, 10/1/39     75,050      
  335     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     374,587      
 
 
            $ 2,623,147      
 
 
 

 
See notes to financial statements

16


 

 
Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Transportation — 3.9%
 
$ 1,500     Massachusetts Department of Transportation, 5.00%, 1/1/37   $ 1,527,405      
 
 
            $ 1,527,405      
 
 
 
 
Water and Sewer — 5.2%
 
$ 215     Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27   $ 215,688      
  2,000     Massachusetts Water Resources Authority, 4.00%, 8/1/46     1,829,100      
 
 
            $ 2,044,788      
 
 
     
Total Tax-Exempt Investments — 163.4%
   
(identified cost $63,061,869)
  $ 63,923,508      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (51.3)%
  $ (20,051,756 )    
 
 
             
Other Assets, Less Liabilities — (12.1)%
  $ (4,746,387 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 39,125,365      
 
 
 
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.
 
AGM - Assured Guaranty Municipal 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
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 30.5% 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 2.1% to 14.4% of total investments.
 
(1) Security represents the underlying municipal bond of an inverse floater (see Note 1H).

 
See notes to financial statements

17


 

Eaton Vance Michigan Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 158.9%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 7.6%
 
$ 525     Grand Valley State University, 5.625%, 12/1/29   $ 556,484      
  525     Grand Valley State University, 5.75%, 12/1/34     551,397      
  540     Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35     522,823      
  500     Michigan State University, 5.00%, 2/15/40     521,865      
 
 
            $ 2,152,569      
 
 
 
 
Electric Utilities — 0.2%
 
$ 60     Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29   $ 60,313      
 
 
            $ 60,313      
 
 
 
 
Escrowed / Prerefunded — 17.9%
 
$ 500     Kent Hospital Finance Authority, (Spectrum Health), Prerefunded to 7/15/11, 5.50%, 1/15/31   $ 532,930      
  560     Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34     649,393      
  1,250     Michigan Higher Education Facilities Authority, (Creative Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27     1,375,225      
  750     Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36     811,125      
  15     Michigan Hospital Finance Authority, (Trinity Health), Prerefunded to 12/1/10, 6.00%, 12/1/27     15,581      
  600     Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31     663,360      
  1,000     White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31     1,044,240      
 
 
            $ 5,091,854      
 
 
 
 
General Obligations — 13.1%
 
$ 500     East Grand Rapids Public School District, 5.00%, 5/1/25   $ 514,625      
  1,500     Kent County, 5.00%, 1/1/25     1,629,690      
  750     Manistee Area Public Schools, 5.00%, 5/1/24     771,098      
  270     Michigan, 5.50%, 11/1/25     299,284      
  500     Wayne Charter County, 6.75%, 11/1/39     531,335      
 
 
            $ 3,746,032      
 
 
 
 
Hospital — 27.5%
 
$ 500     Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21   $ 501,010      
  185     Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25     168,911      
  125     Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37     108,498      
  275     Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47     306,317      
  455     Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18     442,665      
  1,000     Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27     1,000,010      
  750     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38     679,402      
  1,000     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46     930,620      
  1,080     Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35     1,020,838      
  750     Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21     753,675      
  500     Michigan Hospital Finance Authority, (Mid Michigan Obligation Group), 6.125%, 6/1/39     534,040      
  985     Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27     1,002,513      
  425     Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26     384,918      
 
 
            $ 7,833,417      
 
 
 
 
Housing — 3.4%
 
$ 1,000     Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48   $ 977,210      
 
 
            $ 977,210      
 
 
 
 
Industrial Development Revenue — 6.0%
 
$ 750     Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21   $ 460,755      
  800     Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16     823,176      
  550     Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26     435,529      
 
 
            $ 1,719,460      
 
 
 
 
Insured-Education — 5.8%
 
$ 570     Ferris State University, (AGC), 5.125%, 10/1/33   $ 598,563      
  500     Ferris State University, (AGC), 5.25%, 10/1/38     528,660      
  500     Wayne State University, (AGM), 5.00%, 11/15/35     520,640      
 
 
            $ 1,647,863      
 
 
 

 
See notes to financial statements

18


 

 
Eaton Vance Michigan Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) 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   $ 1,002,190      
  400     Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32     401,596      
  220     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30     231,497      
  500     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34     514,530      
  435     Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29     459,834      
 
 
            $ 2,609,647      
 
 
 
 
Insured-Escrowed / Prerefunded — 10.9%
 
$ 1,000     Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31   $ 1,051,580      
  2,000     Novi Building Authority, (AGM), Prerefunded to 10/1/10, 5.50%, 10/1/25     2,055,640      
 
 
            $ 3,107,220      
 
 
 
 
Insured-General Obligations — 8.5%
 
$ 300     Detroit City School District, (AGM), 5.25%, 5/1/32   $ 308,694      
  650     Detroit City School District, (FGIC), 4.75%, 5/1/28     637,676      
  200     Eaton Rapids Public Schools, (NPFG), 4.75%, 5/1/25     200,304      
  1,250     Van Dyke Public Schools, (AGM), 5.00%, 5/1/38     1,283,687      
 
 
            $ 2,430,361      
 
 
 
 
Insured-Hospital — 6.9%
 
$ 985     Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35   $ 956,701      
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical Center), (NPFG), 5.50%, 7/1/24     1,000,440      
 
 
            $ 1,957,141      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 5.9%
 
$ 1,000     Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29   $ 353,380      
  4,300     Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30     1,323,239      
 
 
            $ 1,676,619      
 
 
 
 
Insured-Special Tax Revenue — 3.6%
 
$ 5,160     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54   $ 325,699      
  2,030     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     260,753      
  2,430     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     290,458      
  1,470     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     163,391      
 
 
            $ 1,040,301      
 
 
 
 
Insured-Student Loan — 6.9%
 
$ 1,000     Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31   $ 953,950      
  1,000     Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25     1,001,980      
 
 
            $ 1,955,930      
 
 
 
 
Insured-Transportation — 4.4%
 
$ 1,000     Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32   $ 959,070      
  300     Wayne Charter County Airport, (NPFG), (AMT), 5.00%, 12/1/28     284,718      
 
 
            $ 1,243,788      
 
 
 
 
Insured-Water and Sewer — 9.4%
 
$ 1,650     Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30   $ 1,633,417      
  1,000     Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39     1,050,320      
 
 
            $ 2,683,737      
 
 
 
 
Lease Revenue / Certificates of Participation — 0.9%
 
$ 250     Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22   $ 250,228      
 
 
            $ 250,228      
 
 
 
 
Other Revenue — 1.3%
 
$ 500     Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48   $ 373,975      
 
 
            $ 373,975      
 
 
 
 
Special Tax Revenue — 1.3%
 
$ 115     Guam, Limited Obligation Bonds, 5.625%, 12/1/29   $ 118,717      
  125     Guam, Limited Obligation Bonds, 5.75%, 12/1/34     129,159      
  110     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     122,998      
 
 
            $ 370,874      
 
 
 

 
See notes to financial statements

19


 

 
Eaton Vance Michigan Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Water and Sewer — 8.2%
 
$ 790     Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28   $ 871,133      
  600     Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/29     650,982      
  500     Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/30     543,530      
  250     Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(1)     265,910      
 
 
            $ 2,331,555      
 
 
     
Total Tax-Exempt Investments — 158.9%
   
(identified cost $45,249,062)
  $ 45,260,094      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (61.4)%
  $ (17,501,026 )    
 
 
             
Other Assets, Less Liabilities — 2.5%
  $ 730,031      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 28,489,099      
 
 
 
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.
 
AGM - Assured Guaranty Municipal 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
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 45.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.9% to 18.4% 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 May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 169.9%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 25.9%
 
$ 250     New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27   $ 251,175      
  250     New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33     242,330      
  220     New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37     216,861      
  2,780     New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36     2,984,052      
  3,500     New Jersey Educational Facilities Authority, (Princeton University), 4.25%, 7/1/40(1)     3,479,280      
  3,500     New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(2)     3,579,730      
  1,650     New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27     1,679,485      
  965     New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32     1,114,758      
  3,150     Rutgers State University, 5.00%, 5/1/39(2)     3,345,510      
 
 
            $ 16,893,181      
 
 
 
 
Electric Utilities — 2.3%
 
$ 1,500     Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31   $ 1,509,615      
 
 
            $ 1,509,615      
 
 
 
 
Hospital — 23.6%
 
$ 90     Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35   $ 81,365      
  2,300     Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34     2,304,876      
  2,515     New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27     2,538,213      
  2,535     New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37     2,546,915      
  915     New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39     913,664      
  1,525     New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31     1,533,967      
  1,750     New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.75%, 7/1/31     1,751,050      
  2,650     New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46     2,567,293      
  1,075     New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33     1,136,490      
 
 
            $ 15,373,833      
 
 
 
Housing — 4.7%
 
$ 715     New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37   $ 682,353      
  2,340     New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37     2,347,909      
 
 
            $ 3,030,262      
 
 
 
 
Industrial Development Revenue — 12.6%
 
$ 500     Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32   $ 503,375      
  540     Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34     551,572      
  3,220     New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47     3,009,154      
  215     New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29     196,349      
  750     New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33     789,488      
  1,235     New Jersey Economic Development Authority, (New Jersey American Water Co., Inc.), (AMT), 5.70%, 10/1/39     1,273,865      
  2,080     Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22     1,915,160      
 
 
            $ 8,238,963      
 
 
 
 
Insured-Education — 6.4%
 
$ 3,365     New Jersey Educational Facilities Authority, (College of New Jersey), (AGM), 5.00%, 7/1/35(2)   $ 3,508,066      
  825     New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/28     673,811      
 
 
            $ 4,181,877      
 
 
 
 
Insured-Electric Utilities — 1.9%
 
$ 1,250     Vineland, (Electric Utility), (NPFG), (AMT), 5.25%, 5/15/26   $ 1,253,113      
 
 
            $ 1,253,113      
 
 
 
 
Insured-Gas Utilities — 7.8%
 
$ 4,975     New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40   $ 5,112,957      
 
 
            $ 5,112,957      
 
 
 

 
See notes to financial statements

21


 

 
Eaton Vance New Jersey Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-General Obligations — 2.8%
 
$ 460     Egg Harbor Township School District, (AGM), 3.50%, 4/1/28   $ 433,095      
  1,240     Lakewood Township, (AGC), 5.75%, 11/1/31     1,410,971      
 
 
            $ 1,844,066      
 
 
 
 
Insured-Hospital — 6.5%
 
$ 750     New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(2)   $ 776,535      
  1,460     New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38     1,485,199      
  500     New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC),
5.00%, 7/1/38(2)
    508,630      
  1,380     New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38     1,474,544      
 
 
            $ 4,244,908      
 
 
 
 
Insured-Housing — 5.2%
 
$ 3,390     New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (AGM), (AMT), 5.05%, 5/1/34   $ 3,391,390      
 
 
            $ 3,391,390      
 
 
 
 
Insured-Industrial Development Revenue — 0.3%
 
$ 165     New Jersey Economic Development Authority, (New Jersey American Water Co, Inc.), (FGIC), (NPFG), (AMT), 5.25%, 7/1/38   $ 164,751      
 
 
            $ 164,751      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 4.3%
 
$ 1,500     New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34   $ 1,651,695      
  1,000     New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28     1,127,550      
 
 
            $ 2,779,245      
 
 
 
 
Insured-Other Revenue — 1.7%
 
$ 1,015     Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39   $ 1,085,116      
 
 
            $ 1,085,116      
 
 
 
Insured-Special Tax Revenue — 11.7%
 
$ 6,000     Garden State Preservation Trust, (AGM), 0.00%, 11/1/25   $ 3,068,940      
  4,315     New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26     1,897,866      
  2,020     New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27     835,149      
  7,185     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54     453,517      
  2,745     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     352,595      
  5,445     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     650,841      
  3,425     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     380,689      
 
 
            $ 7,639,597      
 
 
 
 
Insured-Student Loan — 4.3%
 
$ 2,580     New Jersey Higher Education Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30   $ 2,774,893      
 
 
            $ 2,774,893      
 
 
 
 
Insured-Transportation — 5.2%
 
$ 1,960     New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26   $ 873,964      
  5,570     New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31     1,778,167      
  400     Port Authority of New York and New Jersey, (FGIC), (NPFG), (AMT), 5.00%, 8/1/36     400,028      
  315     South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33     345,819      
 
 
            $ 3,397,978      
 
 
 
 
Insured-Water and Sewer — 4.5%
 
$ 3,000     New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25   $ 2,956,740      
 
 
            $ 2,956,740      
 
 
 
 
Lease Revenue / Certificates of Participation — 6.0%
 
$ 1,500     New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33   $ 1,614,000      
  2,250     New Jersey Health Care Facilities Financing Authority, (Contract Hospital Asset Transportation Program), 5.25%, 10/1/38     2,281,703      
 
 
            $ 3,895,703      
 
 
 

 
See notes to financial statements

22


 

 
Eaton Vance New Jersey Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Other Revenue — 7.4%
 
$ 7,200     Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50   $ 272,808      
  13,280     Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55     258,031      
  600     New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(2)     632,050      
  2,700     New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(2)     2,844,221      
  4,270     Tobacco Settlement Financing Corp., 0.00%, 6/1/41     219,136      
  900     Tobacco Settlement Financing Corp., 5.00%, 6/1/41     610,092      
 
 
            $ 4,836,338      
 
 
 
 
Senior Living / Life Care — 2.8%
 
$ 465     New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28   $ 445,261      
  770     New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38     729,059      
  815     New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36     671,161      
 
 
            $ 1,845,481      
 
 
 
 
Special Tax Revenue — 1.2%
 
$ 100     New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27   $ 92,241      
  175     New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37     151,701      
  500     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     559,085      
 
 
            $ 803,027      
 
 
 
 
Student Loan — 4.2%
 
$ 230     New Jersey Higher Education Assistance Authority, 5.625%, 6/1/30   $ 244,437      
  2,500     New Jersey Higher Education Assistance Authority, (AMT), Variable Rate, 1.337%, 6/1/36(2)     2,496,300      
 
 
            $ 2,740,737      
 
 
 
 
Transportation — 15.1%
 
$ 250     New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38   $ 276,778      
  815     New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38     913,207      
  3,600     New Jersey Turnpike Authority, 5.25%, 1/1/40     3,803,616      
  480     Port Authority of New York and New Jersey, 4.50%, 11/1/33     489,893      
  1,000     Port Authority of New York and New Jersey, 5.00%, 9/1/34     1,034,560      
  1,995     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2)     2,136,319      
  1,175     South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33     1,186,867      
 
 
            $ 9,841,240      
 
 
 
 
Water and Sewer — 1.5%
 
$ 985     Cumberland County Improvement Authority, (Solid Waste System), 5.00%, 1/1/30   $ 987,679      
 
 
            $ 987,679      
 
 
     
Total Tax-Exempt Investments — 169.9%
   
(identified cost $109,197,640)
  $ 110,822,690      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (51.2)%
  $ (33,429,180 )    
 
 
             
Other Assets, Less Liabilities — (18.7)%
  $ (12,175,282 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 65,218,228      
 
 
 
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.
 
AGM - Assured Guaranty Municipal 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
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 36.8% 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 2.5% to 10.4% 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

23


 

Eaton Vance New York Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 170.3%
 
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   $ 1,007,021      
 
 
            $ 1,007,021      
 
 
 
 
Education — 18.2%
 
$ 315     Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33   $ 319,158      
  1,210     New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34     1,298,112      
  325     New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39     347,692      
  510     New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33     554,339      
  1,000     New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1)     1,065,310      
  510     New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34     544,726      
  2,000     New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39     2,122,140      
  2,000     New York Dormitory Authority, (New York University), 5.25%, 7/1/48     2,126,500      
  2,250     New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33     2,499,233      
  2,500     New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40     2,662,400      
 
 
            $ 13,539,610      
 
 
 
 
Electric Utilities — 5.0%
 
$ 1,420     Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33   $ 1,618,772      
  2,100     Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27     2,095,317      
 
 
            $ 3,714,089      
 
 
 
 
General Obligations — 10.0%
 
$ 6,000     New York City, 5.25%, 9/15/33(2)   $ 6,219,240      
  1,000     New York City, 6.25%, 10/15/28     1,179,890      
 
 
            $ 7,399,130      
 
 
 
Health Care-Miscellaneous — 5.9%
 
$ 1,115     New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29   $ 917,935      
  1,200     New York City Industrial Development Agency, (Ohel Children’s Home), 6.25%, 8/15/22     946,524      
  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     101,392      
  2,600     Westchester County Industrial Development Agency, (Children’s Village), 5.375%, 3/15/19     2,353,104      
 
 
            $ 4,369,651      
 
 
 
 
Hospital — 29.0%
 
$ 175     Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.35%, 11/15/17   $ 172,197      
  485     Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.40%, 11/15/29     436,107      
  1,250     Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18     1,179,700      
  2,490     Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25     2,478,820      
  400     Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21     409,708      
  1,500     New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30     1,459,050      
  4,000     New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(2)     4,142,480      
  2,000     New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33     1,945,140      
  1,000     New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26(3)     1,023,790      
  900     New York Dormitory Authority, (Mount Sinai Hospital), 5.50%, 7/1/26     900,567      
  845     New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34     833,238      
  1,250     New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37     1,292,337      
  415     New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29     416,498      
  835     New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37     815,720      
  1,250     Oneida County Industrial Development Agency, (St. Elizabeth’s Medical Center), 5.75%, 12/1/19     1,245,475      
  650     Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32     634,901      
  2,105     Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22     2,158,214      
 
 
            $ 21,543,942      
 
 
 

 
See notes to financial statements

24


 

 
Eaton Vance New York Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Housing — 16.5%
 
$ 1,500     New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39   $ 1,502,625      
  2,620     New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40     2,650,261      
  1,000     New York Housing Finance Agency, 5.25%, 11/1/41     1,022,120      
  2,625     New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42     2,697,922      
  1,500     New York Mortgage Agency, (AMT), 4.875%, 10/1/30     1,489,380      
  1,955     New York Mortgage Agency, (AMT), 4.90%, 10/1/37     1,897,543      
  1,000     New York Mortgage Agency, (AMT), 5.125%, 10/1/37     1,007,100      
 
 
            $ 12,266,951      
 
 
 
 
Industrial Development Revenue — 11.4%
 
$ 340     Chautauqua County Industrial Development Agency, (NRG Dunkirk Power), 5.875%, 4/1/42   $ 348,745      
  1,000     Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32     1,047,400      
  2,525     Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(2)     2,552,512      
  1,500     New York Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12     1,538,025      
  2,500     Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34     2,502,025      
  465     Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15     465,744      
 
 
            $ 8,454,451      
 
 
 
 
Insured-Education — 6.0%
 
$ 1,250     New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35   $ 1,258,425      
  1,500     New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38(2)     1,580,499      
  5,365     Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33     1,653,708      
 
 
            $ 4,492,632      
 
 
 
 
Insured-Electric Utilities — 3.4%
 
$ 1,365     Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33   $ 1,548,961      
  960     New York Power Authority, (NPFG), 5.00%, 11/15/47     1,004,438      
 
 
            $ 2,553,399      
 
 
 
Insured-Escrowed / Prerefunded — 1.8%
 
$ 1,265     New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26   $ 683,758      
  1,280     New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27     658,150      
 
 
            $ 1,341,908      
 
 
 
 
Insured-General Obligations — 1.3%
 
$ 910     New Rochelle City School District, (AGC), 4.00%, 11/15/21   $ 955,436      
 
 
            $ 955,436      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 4.5%
 
$ 3,600     Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47(4)   $ 3,339,432      
 
 
            $ 3,339,432      
 
 
 
 
Insured-Other Revenue — 2.6%
 
$ 2,645     New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31   $ 854,150      
  3,625     New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32     1,108,561      
 
 
            $ 1,962,711      
 
 
 
 
Insured-Special Tax Revenue — 7.8%
 
$ 1,000     New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45   $ 973,230      
  1,000     New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44     1,004,250      
  4,440     Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34     896,391      
  19,745     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54     1,246,304      
  3,380     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     434,161      
  6,705     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     801,449      
  4,225     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     469,609      
 
 
            $ 5,825,394      
 
 
 

 
See notes to financial statements

25


 

 
Eaton Vance New York Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Transportation — 8.0%
 
$ 3,025     Metropolitan Transportation Authority, (AGC), 4.50%, 11/15/38   $ 3,005,731      
  2,920     Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29     2,928,672      
 
 
            $ 5,934,403      
 
 
 
 
Insured-Water and Sewer — 1.3%
 
$ 1,000     Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35   $ 943,630      
 
 
            $ 943,630      
 
 
 
 
Lease Revenue / Certificates of Participation — 4.6%
 
$ 2,345     New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38   $ 2,315,641      
  1,000     New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31     1,097,370      
 
 
            $ 3,413,011      
 
 
 
 
Other Revenue — 4.1%
 
$ 1,285     Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26   $ 1,013,056      
  3,120     Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31     817,471      
  380     Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40     391,886      
  790     New York City Cultural Resource Trust, (Museum of Modern Art), 5.00%, 4/1/31     845,521      
 
 
            $ 3,067,934      
 
 
 
 
Senior Living / Life Care — 3.0%
 
$ 1,450     Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29   $ 1,355,010      
  900     Suffolk County Industrial Development Agency, (Jefferson’s Ferry Project), 5.00%, 11/1/28     838,386      
 
 
            $ 2,193,396      
 
 
 
 
Special Tax Revenue — 3.6%
 
$ 1,000     New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38   $ 1,085,690      
  900     New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32     949,212      
  545     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     609,403      
 
 
            $ 2,644,305      
 
 
 
Transportation — 10.8%
 
$ 1,000     Metropolitan Transportation Authority, 4.50%, 11/15/37   $ 981,420      
  1,900     Port Authority of New York and New Jersey, 5.00%, 11/15/37(2)     2,005,222      
  1,030     Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33     1,022,842      
  990     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2)     1,060,128      
  2,740     Triborough Bridge and Tunnel Authority,
5.25%, 11/15/34(2)
    2,963,392      
  10     Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34     10,815      
 
 
            $ 8,043,819      
 
 
 
 
Water and Sewer — 10.1%
 
$ 585     Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34   $ 170,481      
  325     Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35     89,368      
  3,105     New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(2)     3,528,273      
  2,535     New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance Authority), 5.00%, 6/15/37(2)     2,697,139      
  1,000     Saratoga County Water Authority, 5.00%, 9/1/48     1,040,610      
 
 
            $ 7,525,871      
 
 
     
Total Tax-Exempt Investments — 170.3%
   
(identified cost $124,821,660)
  $ 126,532,126      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (45.4)%
  $ (33,726,581 )    
 
 
             
Other Assets, Less Liabilities — (24.9)%
  $ (18,499,974 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 74,305,571      
 
 
 
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

 
See notes to financial statements

26


 

 
Eaton Vance New York Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
 
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 May 31, 2010, 21.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 9.5% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) Security represents the underlying municipal bond of an inverse floater (see Note 1H).
 
(3) When-issued security.
 
(4) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

 
See notes to financial statements

27


 

Eaton Vance Ohio Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 156.3%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 3.3%
 
$ 1,250     Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44   $ 1,302,650      
 
 
            $ 1,302,650      
 
 
 
 
Electric Utilities — 0.8%
 
$ 310     Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14   $ 310,924      
 
 
            $ 310,924      
 
 
 
 
Escrowed / Prerefunded — 13.8%
 
$ 1,000     Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25   $ 1,038,890      
  1,000     Mahoning County, (Career and Technical Center), Prerefunded to 12/1/11, 6.25%, 12/1/36     1,079,990      
  2,530     Puerto Rico Infrastructure Financing Authority, Prerefunded to 10/1/10, 5.50%, 10/1/32     2,600,106      
  670     Richland County Hospital Facilities, (MedCentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22     694,757      
 
 
            $ 5,413,743      
 
 
 
 
General Obligations — 17.0%
 
$ 1,000     Barberton City School District, 4.50%, 12/1/33   $ 1,004,000      
  1,750     Beavercreek City School District, 5.00%, 12/1/30     1,863,557      
  1,090     Central Ohio Solid Waste Authority, 5.125%, 9/1/27     1,178,639      
  500     Columbus, 5.00%, 7/1/23(1)     533,555      
  1,000     Columbus City School District, 5.00%, 12/1/29     1,071,900      
  1,000     Maple Heights City School District, 5.00%, 1/15/37     1,010,700      
 
 
            $ 6,662,351      
 
 
 
 
Hospital — 12.1%
 
$ 800     Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34   $ 814,416      
  500     Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26     503,370      
  500     Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34     537,540      
  1,000     Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39     1,049,480      
  600     Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40     596,568      
  980     Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.75%, 1/15/46     902,815      
  330     Richland County Hospital Facilities, (MedCentral Health Systems), 6.375%, 11/15/22     335,630      
 
 
            $ 4,739,819      
 
 
 
 
Housing — 11.9%
 
$ 1,000     Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.625%, 9/1/27   $ 992,300      
  570     Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.75%, 3/1/37     545,011      
  600     Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 5.00%, 9/1/31     601,602      
  2,500     Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48     2,516,725      
 
 
            $ 4,655,638      
 
 
 
 
Industrial Development Revenue — 8.5%
 
$ 1,015     Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27   $ 851,747      
  2,250     Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38     2,251,238      
  225     Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15     229,532      
 
 
            $ 3,332,517      
 
 
 
 
Insured-Education — 10.9%
 
$ 1,000     Kent State University, (AGC), 5.00%, 5/1/26   $ 1,067,440      
  465     Kent State University, (AGC), 5.00%, 5/1/29     486,441      
  730     Miami University, (AMBAC), 3.25%, 9/1/26     632,428      
  1,500     University of Akron, Series A, (AGM), 5.00%, 1/1/38     1,554,555      
  500     University of Akron, Series B, (AGM), 5.00%, 1/1/38     518,185      
 
 
            $ 4,259,049      
 
 
 
 
Insured-Electric Utilities — 12.6%
 
$ 1,000     American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39   $ 1,080,970      
  710     Cleveland Public Power System, (NPFG), 0.00%, 11/15/27     286,045      
  2,000     Cleveland Public Power System, (NPFG), 0.00%, 11/15/38     410,200      
  830     Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25     395,038      
  3,000     Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26     1,339,020      
  425     Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34     424,269      

 
See notes to financial statements

28


 

 
Eaton Vance Ohio Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Insured-Electric Utilities (continued)
 
                     
$ 210     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30   $ 220,975      
  250     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34     257,265      
  500     Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26     535,465      
 
 
            $ 4,949,247      
 
 
 
 
Insured-Escrowed / Prerefunded — 4.6%
 
$ 245     Cuyahoga County Hospital, (Cleveland Clinic Health System), (NPFG), Escrowed to Maturity, 5.125%, 1/1/29   $ 245,740      
  1,000     Ohio Higher Educational Facility Commission, (University of Dayton), (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30     1,034,570      
  500     University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24     529,260      
 
 
            $ 1,809,570      
 
 
 
 
Insured-General Obligations — 16.4%
 
$ 280     Bowling Green City School District, (AGM), 5.00%, 12/1/34   $ 289,526      
  200     Brookfield Local School District, (AGM), 5.00%, 1/15/30     210,878      
  500     Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36     516,440      
  2,455     Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30     863,914      
  1,500     Madeira City School District, (AGM), 3.50%, 12/1/27     1,379,505      
  1,750     Milford Exempt Village School District, (AGC), 5.25%, 12/1/36     1,858,447      
  750     St. Mary’s School District, (AGM), 5.00%, 12/1/35     772,943      
  500     Wadsworth City School District, (AGC), 5.00%, 12/1/37     517,710      
 
 
            $ 6,409,363      
 
 
 
 
Insured-Hospital — 6.6%
 
$ 545     Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32   $ 540,683      
  1,500     Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28     1,510,920      
  485     Lorain County, (Catholic Healthcare Partners), (AGM), Variable Rate, 14.686%, 2/1/29(2)(3)(4)     529,630      
 
 
            $ 2,581,233      
 
 
 
Insured-Lease Revenue / Certificates of Participation — 1.0%
 
$ 500     Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33   $ 410,260      
 
 
            $ 410,260      
 
 
 
 
Insured-Special Tax Revenue — 3.8%
 
$ 9,905     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54   $ 625,204      
  1,685     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     216,438      
  3,340     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     399,230      
  2,100     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     233,415      
 
 
            $ 1,474,287      
 
 
 
 
Insured-Transportation — 6.9%
 
$ 385     Cleveland Airport System, (AGM), 5.00%, 1/1/31   $ 385,339      
  1,000     Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24     1,162,850      
  1,000     Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26     1,171,120      
 
 
            $ 2,719,309      
 
 
 
 
Insured-Water and Sewer — 2.1%
 
$ 215     Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46   $ 212,900      
  625     Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47     618,081      
 
 
            $ 830,981      
 
 
 
 
Lease Revenue / Certificates of Participation — 1.4%
 
$ 500     Franklin County Convention Facilities Authority, 5.00%, 12/1/27   $ 542,785      
 
 
            $ 542,785      
 
 
 
 
Other Revenue — 4.3%
 
$ 7,345     Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47   $ 248,775      
  710     Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47     510,952      
  1,000     Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27     936,130      
 
 
            $ 1,695,857      
 
 
 

 
See notes to financial statements

29


 

 
Eaton Vance Ohio Municipal Income Trust as of May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Pooled Loans — 10.8%
 
$ 550     Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25   $ 562,006      
  1,020     Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22     1,066,543      
  1,245     Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(5)     1,321,505      
  310     Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25     269,728      
  1,100     Toledo-Lucas County Port Authority, 5.40%, 5/15/19     997,172      
 
 
            $ 4,216,954      
 
 
 
 
Special Tax Revenue — 6.1%
 
$ 520     Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18   $ 526,578      
  1,375     Cuyahoga County Economic Development, (Shaker Square), 6.75%, 12/1/30     1,415,700      
  155     Guam, Limited Obligation Bonds, 5.625%, 12/1/29     160,009      
  170     Guam, Limited Obligation Bonds, 5.75%, 12/1/34     175,656      
  110     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     122,999      
 
 
            $ 2,400,942      
 
 
 
 
Water and Sewer — 1.4%
 
$ 250     Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/28   $ 274,485      
  250     Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 6/1/30     271,570      
 
 
            $ 546,055      
 
 
     
Total Tax-Exempt Investments — 156.3%
   
(identified cost $60,259,466)
  $ 61,263,534      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (58.0)%
  $ (22,726,652 )    
 
 
             
Other Assets, Less Liabilities — 1.7%
  $ 652,440      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 39,189,322      
 
 
 
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.
 
AGM - Assured Guaranty Municipal 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
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 41.5% 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 1.4% to 16.0% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At May 31, 2010, the aggregate value of these securities is $529,630 or 1.4% of the Trust’s net assets applicable to common shares.
 
(3) 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.
 
(4) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2010.
 
(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 May 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Tax-Exempt Investments — 161.1%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Bond Bank — 3.1%
 
$ 1,000     Delaware Valley Regional Finance Authority, 5.75%, 7/1/32   $ 1,161,470      
 
 
            $ 1,161,470      
 
 
 
 
Cogeneration — 2.7%
 
$ 300     Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13   $ 182,922      
  500     Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19     280,440      
  575     Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15     555,605      
 
 
            $ 1,018,967      
 
 
 
 
Education — 10.4%
 
$ 500     Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39   $ 514,195      
  1,200     Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39     1,188,996      
  500     Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39     522,395      
  625     Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40     645,925      
  500     Pennsylvania State University, 5.00%, 3/1/40     531,105      
  500     Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30     525,240      
 
 
            $ 3,927,856      
 
 
 
 
Electric Utilities — 2.8%
 
$ 435     Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36   $ 449,668      
  600     York County Industrial Development Authority, Pollution Control Revenue, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20     612,780      
 
 
            $ 1,062,448      
 
 
 
 
Escrowed / Prerefunded — 1.8%
 
$ 600     Bucks County Industrial Development Authority, (Pennswood), Prerefunded to 10/1/12, 6.00%, 10/1/27   $ 675,642      
 
 
            $ 675,642      
 
 
 
General Obligations — 7.1%
 
$ 500     Chester County, 5.00%, 7/15/27(1)   $ 559,615      
  1,000     Daniel Boone Area School District, 5.00%, 8/15/32     1,047,240      
  1,000     Philadelphia School District, 6.00%, 9/1/38     1,081,650      
 
 
            $ 2,688,505      
 
 
 
 
Hospital — 22.4%
 
$ 500     Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34   $ 512,670      
  750     Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29     797,152      
  1,215     Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32     1,219,775      
  750     Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39     764,303      
  1,500     Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43     1,443,375      
  250     Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33     250,170      
  1,000     Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(2)     1,124,625      
  675     Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31     690,950      
  850     Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31     888,802      
  250     South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29     245,068      
  500     Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17     516,795